Taxation of Chargeable Gains Act 1992 Schedule 11 paragraphs 26–27

Saving provisions for repealed enactments

Paragraphs 26 and 27 deal with ensuring that older tax provisions repealed and replaced by the Taxation of Chargeable Gains Act 1992 continue to have effect where their historical operation is still relevant to current computations.

• The consolidation of capital gains tax law into the 1992 Act does not alter the effect of any earlier provision that determines what amount is to be treated as consideration when computing a chargeable gain, or whether pre-1992 events, expenditure, or other amounts may be taken into account in current chargeable periods.
• Certain specific earlier enactments — notably those relating to the charge on death under the Finance Act 1971 and the application of pre-6 April 1965 rules under the Finance Act 1965 — are preserved to the extent their prior operation still needs to be recognised.
• The saving provisions do not apply to the rules for determining the market value of assets, which are governed solely by the provisions of the 1992 Act itself.
• Where an earlier enactment treated one person's acquisition or provision of an asset as if it were another person's acquisition or disposal for the purposes of Schedule 5 to the Capital Gains Tax Act 1979, that deemed treatment carries forward into Schedule 2 of the 1992 Act despite the repeal of the earlier enactment.