Taxation of Chargeable Gains Act 1992 Schedule 11 paragraph 1

Preliminary

Schedule 11, paragraph 1 establishes how the market value of an asset is to be determined when a valuation date falls before the commencement of the Taxation of Chargeable Gains Act 1992, and that valuation is relevant to computing a chargeable gain under the Act.

• This part of Schedule 11 applies whenever the market value of an asset (or part of an asset) at a date before the Act came into force is needed to calculate a chargeable gain.
• Market values for pre-commencement dates are determined using the general valuation rules in sections 272 to 274 of the Act, subject to any further modifications set out in this part of the Schedule.
• References to an asset include references to any part of an asset, ensuring partial disposals are also covered.
• Where section 274 applies (values already determined for inheritance tax purposes), the reference to inheritance tax is to be read as a reference to capital transfer tax, reflecting the tax regime that was in force at the relevant earlier date.