Taxation of Chargeable Gains Act 1992 Schedule 11 paragraph 10

Value-shifting

Schedule 11 paragraph 10 sets out the commencement dates that determine when the various value-shifting provisions in sections 30 to 34 first take effect.

• Section 30 (tax-free benefits) only applies where the relevant reduction or increase in value occurred after 29th March 1977.
• Section 31 (disposal of shares or securities by a company) does not take into account any reduction in asset value caused by a dividend paid before 14th March 1989.
• Section 32 (intra-group disposals followed by a disposal of shares) does not take into account any reduction in asset value caused by a disposal of another asset before 14th March 1989.
• Section 34 (transactions treated as a reorganisation of share capital) does not apply where the relevant reduction in value occurred before 14th March 1989.