Taxation of Chargeable Gains Act 1992 Schedule 4C paragraph 11

Taper relief

Paragraph 11 of Schedule 4C dealt with taper relief in the context of chargeable gains attributed to settlors or beneficiaries of non-resident trusts, but has been removed from the legislation.

• Paragraph 11 originally provided rules on how taper relief applied to gains arising under Schedule 4C in relation to non-resident trusts.
• Taper relief was a mechanism that reduced the amount of a chargeable gain depending on how long an asset had been held, with different rates for business and non-business assets.
• The paragraph was omitted by the Finance Act 2008, Schedule 2, paragraph 48, as part of the wider abolition of taper relief.
• The removal took effect from the 2008–09 tax year onwards, meaning taper relief has not been available for any disposals from 6 April 2008.