SCHEDULE 18 Company tax returns, assessments and related matters
Part II Company tax return
Information about chargeable gains
13
(1)
A notice requiring a company tax return may require details of assets acquired by the company in the period specified in the notice.
The details required may include details of the person from whom the asset was acquired and the consideration for its acquisition.
(2)
The power in sub-paragraph (1) does not apply to —
(a)
assets exempted by —
section 121 of the M1Taxation of Chargeable Gains Act 1992 (government non-marketable securities), or
section 263 of that Act (passenger vehicles); or
(b)
tangible movable property, unless—
(i)
the amount or value of the consideration for its acquisition exceeded £6,000, or
(ii)
it is within the exceptions in section 262(6) of the Taxation of Chargeable Gains Act 1992 (terminal markets and currency); or
(c)
assets acquired as trading stock, unless they are held for the purposes of long term business carried on by an insurance company.
(3)
In sub-paragraph (2)(c)—
“trading stock” has the meaning given by section 100(2) of the Taxes Act 1988, and
“long term business” and “insurance company” have the meaning given by section 431(2) of that Act.