Taxation of Chargeable Gains Act 1992 Schedule 4AA paragraph 22

Interpretation

Section 22 provides definitions and interpretation rules for the key terms used throughout Schedule 4AA, covering interests in UK land, indirect interests, acquisition timing and the meaning of a dwelling.

• References to an interest in UK land (and to land generally) are to be understood as defined in section 1C of the Act, which sets out what constitutes an interest in UK land for capital gains purposes.
• Where an asset other than a direct interest in UK land derives at least 75% of its value from UK land and a person holds a substantial indirect interest in that land, the meaning is determined by the rules in Schedule 1A.
• Where a person disposes of an interest in UK land that was built up from separate acquisitions made at different times, the acquisition date is treated as the date of the earliest of those acquisitions.
• Whether a building counts as a dwelling is determined by applying the tests set out in paragraphs 16E to 16H of Schedule 2 to the Finance Act 2019.