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Finance Act 2008
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- 2008 c. 9
- SCHEDULE 2
- Abolition of indexation allowance
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Changes over time for: Cross Heading: Abolition of indexation allowance
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Finance Act 2008, Cross Heading: Abolition of indexation allowance is up to date with all changes known to be in force on or before 23 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
- Blanket amendment words substituted by S.I. 2011/1043 art. 3 4
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- Sch. 41 para. 6(1A) inserted by 2015 c. 11 Sch. 20 para. 10(2)
- Sch. 41 para. 6A(A1)(1) substituted for Sch. 41 para. 6A(1) by 2015 c. 11 Sch. 20 para. 11(2)
Abolition of indexation allowanceU.K.
77U.K.TCGA 1992 is amended as follows.
78U.K.At the beginning of Chapter 4 of Part 2 (indexation allowance), insert—
“52AChapter to apply only for corporation tax purposes
This Chapter applies only for the purposes of corporation tax.”
79U.K.In section 53 (indexation allowance), omit—
(a)subsection (1A), and
(b)in subsection (4), “, 110A”.
80(1)Section 54 (calculation of indexation allowance) is amended as follows.U.K.
(2)In subsection (1), for “the relevant month” substitute “ the month in which the disposal occurs ”.
(3)Omit subsection (1A).
81(1)Section 145 (call options: indexation allowance) is amended as follows.U.K.
(2)In subsection (1), omit “(subject to subsection (1A) below)”.
(3)Omit subsection (1A).
82U.K.In consequence of the amendments made by paragraphs 77 to 81, omit section 122(1) to (3) and (5) of FA 1998.
83U.K.The amendments made by paragraphs 77 to 82 have effect in computing gains on disposals made on or after 6 April 2008.
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