The Capital Gains Tax Regulations 1967

Interpretation of certain expressions

15.  For the purposes of these Regulations—

(a) The market value of an asset or the apportionment of any amount or value is a material question in an appeal notwithstanding that there is no dispute thereon between the appellant and the inspector if the adoption of a different market value or of a different apportionment might produce a different determination on the appeal.

(b) A person shall not be treated as being at any date a person whose liability to capital gains tax may be affected by the market value of an asset or by the apportionment of any amount or value paid, payable or ascertained in connection with an asset unless—

(i) on or before that date, but since 6th April 1965, there has been (or is deemed to have been) a disposal or acquisition of the asset by him, or by personal representatives from whom he may acquire the asset as legatee, or by a company or trustees whose chargeable gains may to any extent be treated as having accrued to him under section 41 or 42 of the Finance Act 1965 (non-resident companies and trusts); and

(ii) he is at that date, or was during the year of assessment in which any such disposal or acquisition was made, resident or ordinarily resident in the United Kingdom or carrying on a trade in the United Kingdom:

Provided that section 10(3) of the Finance Act 1956 (determination of questions of ordinary residence) shall not apply to a question arising under this paragraph.

(c) Personal representatives or trustees who are for the purposes of Part III of the Finance Act 1965 treated as a single and continuing body of persons shall be treated as a single person distinct from the persons who may from time to time be the personal representatives or trustees, and if the same persons are personal representatives or trustees in respect of more than one estate or settlement they shall be treated as a separate person in respect of each estate or settlement.