Statutory Instruments
2022 No. 230
Capital Gains Tax
The Taxation of Chargeable Gains Act 1992 (Amendment) Regulations 2022
Made
7th March 2022
Laid before the House of Commons
8th March 2022
Coming into force
5th April 2022
The Treasury make the following Regulations in exercise of the powers conferred by paragraphs 124 and 126(2)(b) of Schedule 1 to the Finance Act 2019(1).
Citation and commencement
1. These Regulations may be cited as the Taxation of Chargeable Gains Act 1992 (Amendment) Regulations 2022 and come into force on 5th April 2022.
Amendment of the Taxation of Chargeable Gains Act 1992
2. The Taxation of Chargeable Gains Act 1992(2) is amended as follows.
3. In section 87A(2) (section 87: matching)(3), in the words before Step 1, for “with section 2(2) amounts” substitute “with section 1(3) amounts”.
4. In Schedule 4C (transfers of value: attribution of gains to beneficiaries)(4), in the italic heading before paragraph 1A, for “section 2(2) amounts” substitute “section 1(3) amounts”.
Michael Tomlinson
Rebecca Harris
Two of the Lords Commissioners of Her Majesty’s Treasury
7th March 2022
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations make minor amendments to section 87A(2) of, and paragraph 1A of Schedule 4C to, the Taxation of Chargeable Gains Act 1992 (c. 12) (TCGA 1992). Both provisions were amended by Schedule 1 to the Finance Act 2019 (c. 1) (FA 2019) which extends the cases in which non-residents are charged to tax on gains accruing to them and contains consequential amendments of TCGA 1992.
Regulation 1 sets out when these Regulations come into force.
Regulation 2 introduces the amendments to TCGA 1992.
Regulations 3 and 4 contain the minor amendments, both of which substitute references to section 1(3) of TCGA 1992 consequential to the amendments to that Act made by Part 1 of Schedule 1 to FA 2019.
A Tax Information and Impact Note covering this instrument will be published on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.
Section 87A was inserted by Schedule 7 to the Finance Act 2008 (c. 9) and amended by Schedule 1 to the Finance Act 2019.
Schedule 4C was inserted by Schedule 26 to the Finance Act 2000 (c. 17) and amended by Schedule 29 to the Finance Act 2003 (c. 14), Schedule 12 to the Finance Act 2006 (c. 25), Schedule 7 to the Finance Act 2008 (c. 9), Schedule 46 to the Finance Act 2013 (c. 29), Schedule 10 to the Finance Act 2018 (c. 3) and Schedule 1 to the Finance Act 2019.