Taxation of Chargeable Gains Act 1992 section Schedule 10 paragraph 2

Taxes Management Act 1970

Schedule 10 paragraph 2 updates the Taxes Management Act 1970 by replacing outdated references to the Capital Gains Tax Act 1979 and other earlier legislation with corresponding references to the Taxation of Chargeable Gains Act 1992.

• All references to the "Capital Gains Tax Act 1979" throughout the Taxes Management Act 1970 are replaced with references to "the 1992 Act" (i.e. the Taxation of Chargeable Gains Act 1992).
• Specific section numbers cited in the Taxes Management Act 1970 are updated to their equivalent section numbers in the 1992 Act — for example, old section 19(4) becomes section 51(1), section 71 becomes section 121, and sections 130, 131 or 133 become sections 263, 268 or 269.
• The penalty provisions table in section 98 of the Taxes Management Act 1970 is updated so that all entries previously referring to provisions of the Capital Gains Tax Act 1979 or other Finance Acts now point to the equivalent provisions in the 1992 Act.
• A new definition — "'the 1992 Act' means the Taxation of Chargeable Gains Act 1992" — is inserted into the interpretation section (section 118) of the Taxes Management Act 1970 to support all the updated cross-references.