Finance Act 1996

Application and interpretation of Part II U.K.

26 (1) This Part of this Schedule (except paragraph 29) has effect for the purposes of income tax and capital gains tax but not for the purposes of corporation tax. U.K.

(2) In this Part of this Schedule—

• “the 1992 Act” means the M1 Taxation of Chargeable Gains Act 1992;

• “market value” has the same meaning as in the 1992 Act;

• “qualifying indexed security” has the meaning given by paragraph 2 of Schedule 11 to the M2 Finance Act 1989; and

• [F1 “deeply discounted security” has the same meaning as in Chapter 8 of Part 4 of the Income Tax (Trading and Other Income) Act 2005 (see section 430)].

(3) References in this Part of this Schedule to a disposal within marriage [F2 or civil partnership] are references to any disposal to which section 58 of the 1992 Act applies.

Textual Amendments

F1 Words in Sch. 15 para. 26(2) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 491(2) (with Sch. 2)

F2 Words in Sch. 15 para. 26(3) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 130

Marginal Citations

M1 1992 c. 12.

M2 1989 c. 26.