Taxation of Chargeable Gains Act 1992 Schedule A1 paragraph 22

Interpretation of Schedule

Paragraph 22 of Schedule A1 provides definitions and interpretation rules for the terms used throughout the Schedule dealing with taper relief.

• This paragraph acts as a glossary, defining key terms used elsewhere in Schedule A1 so that the taper relief provisions are applied consistently.
• It clarifies the meaning of expressions such as "qualifying holding period," "business asset," and other terms central to calculating taper relief on chargeable gains.
• Where a term is used in the Schedule without further explanation, this paragraph directs the reader to the correct statutory meaning, ensuring uniform interpretation across all the taper relief rules.
• The paragraph was amended by Finance Act 2008, Schedule 2, paragraph 45, reflecting the abolition of taper relief for disposals on or after 6 April 2008, though the definitions remain relevant for earlier disposals still being finalised.