Taxation of Chargeable Gains Act 1992 Schedule 5B paragraph 5

Person to whom gain accrues

Section 5 identifies which person is treated as having made the chargeable gain when a chargeable event occurs in relation to shares for which reinvestment relief was claimed, and how the gain is split where shares have been transferred between spouses or civil partners.

• When a chargeable event occurs, the resulting gain is attributed to the person who triggers it — whether by disposing of the shares, becoming non-UK resident, or holding shares that lose their eligible status.
• Only one of these three categories will apply in any given case, depending on the nature of the chargeable event.
• Where shares have been transferred between spouses or civil partners and both hold some of the relevant shares at the time of the chargeable event, each person's gain is calculated separately based solely on the shares they hold.
• Neither spouse nor civil partner's calculation takes into account the shares held by the other when determining the amount of the chargeable gain.