Taxation of Chargeable Gains Act 1992 Schedule 8B paragraph 7

Person to whom held-over gain is treated as accruing

Paragraph 7 of Schedule 8B determines which person is treated as having a chargeable gain accruing to them when a held-over gain crystallises as a result of a chargeable event.

• When a held-over gain becomes chargeable under paragraph 5, the rules in this paragraph identify who bears the resulting tax charge.
• If the chargeable event is a disposal of the qualifying investment, the gain accrues to the person making the disposal.
• If the chargeable event arises because the asset (or part of it) is cancelled, extinguished, redeemed or repaid, the gain accrues to the person holding the asset at that time.
• If the chargeable event arises because a condition for eligibility for relief on the original acquisition cost ceases to be met, the gain accrues to the person holding the asset when that condition fails.