Taxation of Chargeable Gains Act 1992 section 38

Meaning of meeting "the applicable exemption conditions" [TCGA 1992 Sch 5AAA para 38]

Section 38 defines what it means for a qualifying fund or a qualifying company to meet "the applicable exemption conditions" for the purposes of the Schedule.

• A qualifying fund must be a collective investment vehicle and satisfy the relevant entitlement conditions at the time in question
• A qualifying company must satisfy its own set of entitlement conditions at the time in question
• The conditions are assessed at a specific point in time, not over a period
• Different entitlement conditions apply depending on whether the entity is a qualifying fund or a qualifying company