Taxation of Chargeable Gains Act 1992 section Schedule 10 paragraph 14

Income and Corporation Taxes Act 1988

Schedule 10 paragraph 14 makes consequential amendments to the Income and Corporation Taxes Act 1988 (ICTA 1988), updating cross-references from the Capital Gains Tax Act 1979 to the corresponding provisions of the Taxation of Chargeable Gains Act 1992.

• References throughout ICTA 1988 to the Capital Gains Tax Act 1979 are replaced with references to the equivalent sections of TCGA 1992, ensuring legislative consistency following the consolidation of capital gains tax law.
• Key updates include references to chargeable gains of non-resident companies, share reorganisation provisions, charitable exemptions, loss relief rules, and the definition of market value, all redirected to their new TCGA 1992 locations.
• The interpretation section of ICTA 1988 (section 831) is amended to define "the 1992 Act" as the Taxation of Chargeable Gains Act 1992, and a new definition of "ring fence profits" for oil extraction activities is inserted into section 502.
• Many of the original sub-paragraphs have since been repealed by later legislation, including the Income Tax Act 2007, Corporation Tax Act 2009, Corporation Tax Act 2010, and various Finance Acts, as those Acts themselves re-enacted or replaced the relevant ICTA 1988 provisions.

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