Taxation of Chargeable Gains Act 1992 Schedule 8B paragraph 8

Claims: procedure

Paragraph 8 of Schedule 8B sets out the procedure for making claims to hold-over relief on disposals of social investments, by applying the same claims procedures used for social investment income tax relief under Part 5B of the Income Tax Act 2007.

• Claims for hold-over relief on social investment disposals must follow the same procedural rules as claims for social investment income tax relief under the Income Tax Act 2007, including time limits, entitlement requirements, compliance statements, and penalties for fraud.
• References in the income tax claims procedure to the requirements for social investment income tax relief are read as references to the conditions for hold-over relief under this Schedule.
• If the Treasury uses its statutory power to amend the social investment income tax relief claims procedure by secondary legislation, those amendments will automatically extend to the hold-over relief claims procedure as well.
• The practical effect is that a single, consistent claims framework governs both the income tax relief and the capital gains tax hold-over relief for social investments.