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Royal ArmsTaxation of Chargeable Gains Act 1992

1992 c. 12
 

© Crown Copyright 1992

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The text of this Internet version of the Act is published by the Queen's Printer of Acts of Parliament and has been prepared to reflect the text as it received Royal Assent. A print version is also available and is published by The Stationery Office Limited as the Taxation of Chargeable Gains Act 1992, ISBN 0105412929.

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 Taxation of Chargeable Gains Act 1992
 

1992 Chapter c. 12

 


ARRANGEMENT OF SECTIONS

Part I
Capital Gains Tax and Corporation Tax on Chargeable Gains
General
1. The charge to tax.
 
Capital gains tax
2. Persons and gains chargeable to capital gains tax, and allowable losses.
3. Annual exempt amount.
4. Rates of capital gains tax.
5. Accumulation and discretionary settlements.
6. Other special cases.
7. Time for payment of tax.
 
Corporation tax
8. Company's total profits to include chargeable gains.
 
Residence etc.
9. Residence, including temporary residence.
10. Non-resident with United Kingdom branch or agency.
11. Visiting forces, agents-general etc.
12. Foreign assets of person with foreign domicile.
13. Attribution of gains to members of non-resident companies.
14. Non-resident groups of companies.
 
Part II
General Provisions Relating to Computation of Gains and Acquisitions and Disposals of Assets
I
Introductory
15. Computation of gains.
16. Computation of losses.
17. Disposals and acquisitions treated as made at market value.
18. Transactions between connected persons.
19. Deemed consideration in certain cases where assets disposed of in a series of transactions.
20. Original market value and aggregate market value for purposes of section 19.
 
II
Assets and Disposals of Assets
General provisions
21. Assets and disposals.
22. Disposal where capital sums derived from assets.
23. Receipt of compensation and insurance money not treated as a disposal.
24. Disposals where assets lost or destroyed, or become of negligible value.
25. Non-residents: deemed disposals.
26. Mortgages and charges not to be treated as disposals.
27. Disposals in cases of hire-purchase and similar transactions.
28. Time of disposal and acquisition where asset disposed of under contract.
 
Value shifting
29. General provisions.
30. Tax-free benefits.
31. Distributions within a group followed by a disposal of shares.
32. Disposals within a group followed by a disposal of shares.
33. Provisions supplementary to sections 30 to 32.
34. Transactions treated as a reorganisation of share capital.
 
III
Computation of Gains: General Provisions
Re-basing to 1982, and assets held on 6th April 1965
35. Assets held on 31st March 1982 (including assets held on 6th April 1965).
36. Deferred charges on gains before 31st March 1982.
 
Allowable deductions
37. Consideration chargeable to tax on income.
38. Acquisition and disposal costs etc.
39. Exclusion of expenditure by reference to tax on income.
40. Interest charged to capital.
41. Restriction of losses by reference to capital allowances and renewals allowances.
42. Part disposals.
43. Assets derived from other assets.
 
Wasting assets
44. Meaning of "wasting asset".
45. Exemption for certain wasting assets.
46. Straightline restriction of allowable expenditure.
47. Wasting assets qualifying for capital allowances.
 
Miscellaneous provisions
48. Consideration due after time of disposal.
49. Contingent liabilities.
50. Expenditure reimbursed out of public money.
51. Exemption for winnings and damages etc.
52. Supplemental.
 
IV
Computation of Gains: The Indexation Allowance
53. The indexation allowance and interpretative provisions.
54. Calculation of indexation allowance.
55. Assets owned on 31st March 1982 or acquired on a no gain/no loss disposal.
56. Part disposals and disposals on a no-gain/no-loss basis.
57. Receipts etc. which are not treated as disposals but affect relevant allowable expenditure.
 
Part III
Individuals, Partnerships, Trusts and Collective Investment Schemes
I
Miscellaneous Provisions
58. Husband and wife.
59. Partnerships.
60. Nominees and bare trustees.
61. Funds in court.
62. Death: general provisions.
63. Death: application of law in Scotland.
64. Expenses in administration of estates and trusts.
65. Liability for tax of trustees or personal representatives.
66. Insolvents' assets.
67. Provisions applicable where section 79 of the Finance Act 1980 has applied.
 
II
Settlements
General provisions
68. Meaning of "settled property".
69. Trustees of settlements.
70. Transfers into settlement.
71. Person becoming absolutely entitled to settled property.
72. Termination of life interest on death of person entitled.
73. Death of life tenant: exclusion of chargeable gain.
74. Effect on sections 72 and 73 of relief under section 165 or 260.
75. Death of annuitant.
76. Disposal of interests in settled property.
77. Charge on settlor with interest in settlement.
78. Right of recovery.
79. Provisions supplemental to sections 77 and 78.
 
Migration of settlements, non-resident settlements and dual resident settlements
80. Trustees ceasing to be resident in U.K.
81. Death of trustee: special rules.
82. Past trustees: liability for tax.
83. Trustees ceasing to be liable to U.K. tax.
84. Acquisition by dual resident trustees.
85. Disposal of interests in non-resident settlements.
86. Attribution of gains to settlors with interest in non-resident or dual resident settlements.
87. Attribution of gains to beneficiaries.
88. Gains of dual resident settlements.
89. Migrant settlements etc.
90. Transfers between settlements.
91. Increase in tax payable under section 87 or 89(2).
92. Qualifying amounts and matching.
93. Matching: special cases.
94. Transfers of settled property where qualifying amounts not wholly matched.
95. Matching after transfer.
96. Payments by and to companies.
97. Supplementary provisions.
98. Power to obtain information for purposes of sections 87 to 90.
 
III
Collective Investment Schemes and Investment Trusts
99. Application of Act to unit trust schemes.
100. Exemption for authorised unit trusts etc.
101. Transfer of company's assets to investment trust.
102. Collective investment schemes with property divided into separate parts.
103. Restriction on availability of indexation allowance.
 
Part IV
Shares, Securities, Options etc.
I
General
Share pooling, identification of securities, and indexation
104. Share pooling: general interpretative provisions.
105. Disposal on or before day of acquisition of shares and other unidentified assets.
106. Disposal of shares and securities by company within prescribed period of acquisition.
107. Identification of securities etc: general rules.
108. Identification of relevant securities.
109. Pre-April 1982 share pools.
110. New holdings: indexation allowance.
111. Indexation: building society etc. shares.
112. Parallel pooling regulations.
113. Calls on shares.
114. Consideration for options.
 
Gilt-edged securities and qualifying corporate bonds
115. Exemptions for gilt-edged securities and qualifying corporate bonds etc.
116. Reorganisations, conversions and reconstructions.
117. Meaning of "qualifying corporate bond".
 
Deep discount securities, the accrued income scheme etc.
118. Amount to be treated as consideration on disposal of deep discount securities etc.
119. Transfers of securities subject to the accrued income scheme.
120. Increase in expenditure by reference to tax charged in relation to shares etc.
 
Savings certificates etc.
121. Exemption for government non-marketable securities.
 
Capital distribution in respect of shares etc,
122. Distribution which is not a new holding within Chapter II.
123. Disposal of right to acquire shares or debentures.
 
Close companies
124. Disposal of shares: relief in respect of income tax consequent on shortfall in distributions.
125. Shares in close company transferring assets at an undervalue.
 
II
Reorganisation of Share Capital, Conversion of Securities etc.
Reorganisation or reduction of share capital
126. Application of sections 127 to 131.
127. Equation of original shares and new holding.
128. Consideration given or received by holder.
129. Part disposal of new holding.
130. Composite new holdings.
131. Indexation allowance.
 
Conversion of securities
132. Equation of converted securities and new holding.
133. Premiums on conversion of securities.
134. Compensation stock.
 
Company reconstructions and amalgamations
135. Exchange of securities for those in another company.
136. Reconstruction or amalgamation involving issue of securities.
137. Restriction on application of sections 135 and 136.
138. Procedure for clearance in advance.
139. Reconstruction or amalgamation involving transfer of business.
140. Postponement of charge on transfer of assets to non-resident company.
 
III
Miscellaneous Provisions Relating to commodities, futures, options and other securities
141. Stock dividends: consideration for new holding.
142. Capital gains on certain stock dividends.
143. Commodity and financial futures and qualifying options.
144. Options and forfeited deposits.
145. Call options: indexation allowance.
146. Options: application of rules as to wasting assets.
147. Quoted options treated as part of new holdings.
148. Traded options: closing purchases.
149. Rights to acquire qualifying shares.
150. Business expansion schemes.
151. Personal equity plans.
 
Part V
Transfer of Business Assets
I
General Provisions
Replacement of business assets
152. Roll-over relief.
153. Assets only partly replaced.
154.