- Latest available (Revised)
- Point in Time (01/01/2023)
- Original (As enacted)
Point in time view as at 01/01/2023.
Finance Act 2009, Taxation of capital gains is up to date with all changes known to be in force on or before 29 August 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.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
10(1)This paragraph applies if each of conditions A to C is met before the end of the period of 30 days beginning with the effective date of the first transaction.U.K.
(2)That transaction is not to be regarded for the purposes of TCGA 1992 as an acquisition by Q or a disposal by P.
(3)If condition C is met by virtue of Q and P having entered into a leaseback agreement, the granting of the lease or sub-lease is not to be regarded for the purposes of TCGA 1992 as an acquisition by P or a disposal by Q.
(4)Sub-paragraphs (2) and (3) are subject to paragraph 11 (treatment of transactions where any of conditions D to G is not met).
(5)Where the interest in the land is replaced as the bond asset by an interest in other land, this paragraph is subject to paragraph 18.
(6)This paragraph is also subject to paragraph 20.
11(1)This paragraph applies if—U.K.
(a)the interest in the land is transferred by Q to P without conditions E and F having been met,
(b)the period mentioned in paragraph 5(11)(b) expires without each of those conditions having been met, or
(c)at any time it becomes apparent for any other reason that any of conditions E to G cannot or will not be met.
(2)This paragraph also applies where (in the case of an interest in land in [F1England F2... or Northern Ireland]) condition D is not met.
(3)Where this paragraph applies, paragraph 10(2) and (3) (disregard of transactions for purposes of TCGA 1992) do not apply.
(4)Where, by virtue of sub-paragraph (3), any chargeable gain or loss is treated as accruing to a person, that gain or loss is to be treated as accruing—
(a)in the case mentioned in sub-paragraph (1)(a), immediately before the transfer from Q to P,
(b)in any case mentioned in paragraph (b) or (c) of sub-paragraph (1), at the time mentioned in that paragraph, and
(c)in the case mentioned in sub-paragraph (2), at the end of the period mentioned in paragraph 5(6).
Textual Amendments
F1Words in Sch. 61 para. 11(2) substituted (with effect in accordance with s. 29(4) of the amending Act) by Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 31(11) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F2Words in Sch. 61 para. 11(2) omitted (1.4.2018 with effect in accordance with s. 16(4)(5) of the amending Act) by virtue of Wales Act 2014 (c. 29), s. 29(2)(b)(3), Sch. 2 para. 15(c); S.I. 2018/214, art. 2(a)
12(1)The second transaction is not to be regarded for the purposes of TCGA 1992 as an acquisition by P or a disposal by Q if—U.K.
(a)each of conditions A to C and E to G is met, and
(b)in the case of an interest in land in [F3England F4... or Northern Ireland], condition D is met.
(2)Where the interest in the land is replaced as the bond asset by an interest in other land, this paragraph is subject to paragraph 18.
(3)This paragraph is also subject to paragraph 20.
Textual Amendments
F3Words in Sch. 61 para. 12(1)(b) substituted (with effect in accordance with s. 29(4) of the amending Act) by Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 31(12) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F4Words in Sch. 61 para. 12(1)(b) omitted (1.4.2018 with effect in accordance with s. 16(4)(5) of the amending Act) by virtue of Wales Act 2014 (c. 29), s. 29(2)(b)(3), Sch. 2 para. 15; S.I. 2018/214, art. 2(a)
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
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.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: