6(1)This paragraph applies where—U.K.
(a)an individual (“the chargeable person”) is in possession of, or has the use of, a chattel, whether alone or together with other persons, and
(b)the disposal condition or the contribution condition is met as respects the chattel.
(2)The disposal condition is that—
(a)at any time after 17th March 1986 the chargeable person had (whether alone or jointly with others) owned—
(i)the chattel, or
(ii)any other property the proceeds of the disposal of which were (directly or indirectly) applied by another person towards the acquisition of the chattel, and
(b)the chargeable person disposed of all or part of his interest in the chattel or other property otherwise than by an excluded transaction.
(3)The contribution condition is that at any time after 17th March 1986 the chargeable person had directly or indirectly provided, otherwise than by an excluded transaction, any of the consideration given by another person for the acquisition of—
(a)the chattel, or
(b)any other property the proceeds of the disposal of which were (directly or indirectly) applied by another person towards the acquisition of the chattel.
(4)For the purposes of this paragraph, a disposition which creates a new interest in a chattel out of an existing interest in a chattel is to be taken to be a disposal of part of the existing interest.
(5)Where this paragraph applies to a person in respect of the whole or part of a year of assessment, an amount equal to the chargeable amount determined under paragraph 7 is to be treated as income of his chargeable to income tax.