Taxation of Chargeable Gains Act 1992 Schedule 1A paragraph 1

Introduction to Schedule 1A

Schedule 1A paragraph 1 introduces the purpose and scope of the Schedule, which provides the rules for determining whether a disposal of an asset is caught by the UK's tax charge on gains derived indirectly from UK land.

• The Schedule supports the territorial scope provisions that bring certain disposals of assets deriving their value from UK land within the charge to capital gains tax or corporation tax on chargeable gains.
• It sets out how to determine whether at least 75% of an asset's value is derived from UK land (covered in Part 2 of the Schedule).
• It sets out how to determine whether the person making the disposal holds a substantial indirect interest in the UK land (covered in Part 3 of the Schedule).
• The Schedule applies for the purposes of the territorial scope rules for individuals and companies, as well as for disposals connected with Schedule D1.