Taxation of Chargeable Gains Act 1992 Schedule 7C paragraph 8

Meaning of "chargeable asset"

Section 8 of Schedule 7C defines what constitutes a "chargeable asset" for the purposes of the Schedule, covering both UK-resident and non-resident claimants, subject to a double taxation treaty override.

• An asset is a chargeable asset if selling it at the relevant time would produce a chargeable gain for the claimant
• The claimant must be liable to capital gains tax either as a UK-taxable person or as a non-resident operating through a UK branch or agency
• An asset is not treated as chargeable if a double taxation treaty means the claimant is regarded as not liable to UK tax on any gain from its disposal
• The test is applied at the specific point in time being considered, based on a hypothetical disposal at that moment