Print Options
PrintThe Whole
Act
PrintThe Whole
Schedule
PrintThis
Cross Heading
only
Changes over time for: Cross Heading: Vulnerable person's deemed CGT taxable amount
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 12/02/2019
Status:
Point in time view as at 07/04/2005.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2005, Cross Heading: Vulnerable person's deemed CGT taxable amount.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Vulnerable person's deemed CGT taxable amountU.K.
3(1)The “vulnerable person's deemed CGT taxable amount” for the tax year means the sum of—U.K.
(a)the vulnerable person's taxable amount for the tax year for the purposes of section 3 of TCGA 1992 calculated by reference only to actual gains and actual losses, and
(b)the vulnerable person's taxable amount for the tax year for the purposes of that section calculated by reference only to assumed gains and assumed losses.
(2)But in calculating the taxable amount under sub-paragraph (1)(b)—
(a)no deduction is to be made under section 2(2)(b) of TCGA 1992, and
(b)the words “except as provided by section 62” in section 2(3) of that Act are to be disregarded.
(3)In determining the vulnerable person's deemed CGT taxable amount for the tax year any claims or elections made in relation to any assumed gains of the vulnerable person are to be disregarded.
(4)In this paragraph—
(a)“actual gains” and “actual losses” have the meanings given in paragraph 5, and
(b)“assumed gains” and “assumed losses” have the meanings given in paragraph 6.
Back to top