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Taxation of Chargeable Gains Act 1992

▸ Part II – General provisions relating to computation of gains and acquisitions and disposals of assets
  • ▸ Chapter II – Assets and disposals of assets
    • Section 34 – Transactions treated as a reorganisation of share capital
    • Section 33A – Modification of sections 30 to 33 in relation to chargeable intangible asset
    • Section 33 – Provisions supplementary to sections 30 to 32
    • Section 32 – Disposals within a group followed by a disposal of shares
    • Section 31A – Asset-holding company leaving the group
    • General provisions
    • Value shifting
  • ▸ Chapter III – Computation of gains: general provisions
    • Re-basing to 1982, and assets held on 6th April 1965
    • Re-basing for non-residents for UK land etc held on 5 April 2019
    • Allowable deductions
    • Wasting assets
    • Cash basis accounting
    • Miscellaneous provisions
  • ▸ Chapter IV – Computation of gains: the indexation allowance
    • Section 52A – Chapter to apply only for corporation tax purposes
    • Section 53 – The indexation allowance and interpretative provisions
    • Section 54 – Calculation of indexation allowance
    • Section 55 – Assets owned on 31st March 1982 or acquired on a no gain_no loss disposal
    • Section 56 – Part disposals and disposals on a no-gain_no-loss basis
    • Section 57 – Receipts etc. which are not treated as disposals but affect relevant allowable expenditure
  • ▸ Chapter V – Computation of Gains and Losses: Relevant High Value Disposals
    • Section 57A – Gains and losses on relevant high value disposals
  • ▸ Chapter I – Introductory
    • Section 15 – Computation of gains
    • Section 16 – Computation of losses
    • Section 16ZA – Losses: non-UK domiciled individuals
    • Section 16ZB – Individual who has made election under section 16ZA: foreign chargeable gains remitted in tax year after tax year in which accrue
    • Section 16ZC – Individual who has made election under section 16ZA and to whom remittance basis applies
    • Section 16ZD – Section 16ZC: supplementary
    • Section 16A – Restrictions on allowable losses
    • Section 17 – Disposals and acquisitions treated as made at market value
    • Section 18 – Transactions between connected persons
    • Section 19 – Deemed consideration in certain cases where assets disposed of in a series of transactions
    • Section 20 – Original market value and aggregate market value for purposes of section 19
  • ▸ Chapter VI – Computation of gains and losses: non-resident CGT disposals
    • Section 57B – Gains and losses on non-resident CGT disposals
  • ▸ Chapter VII – Computation of gains and losses: disposals of residential property interests
    • Section 57C – Gains and losses on disposals of residential property interests
▸ Part III – Individuals, partnerships, trusts and collective investment schemes
  • ▸ Chapter I – Miscellaneous provisions
    • Section 58 – Spouses and civil partners
    • Section 59 – Partnerships
    • Section 59A – Limited liability partnerships
    • Section 59B – Alternative investment fund managers (1)
    • Section 59C – Alternative investment managers (2)
    • Section 60 – Nominees and bare trustees
    • Section 61 – Funds in court
    • Section 62 – Death: general provisions
    • Section 63 – Death: application of law in Scotland
    • Section 63A – Death: application of law in Northern Ireland
    • Section 64 – Expenses in administration of estates and trusts
    • Section 65 – Liability for tax of trustees or personal representatives
    • Section 66 – Insolvents' assets
    • Section 67 – Provisions applicable where section 79 of the Finance Act 1980 has applied
    • Section 59AA – Limited liability partnerships: deemed disposal
  • ▸ Chapter II – Settlements
    • General provisions
    • Migration of settlements, non-resident settlements and dual resident settlements
  • ▸ Chapter III – Collective investment schemes and investment trusts etc.
    • Section 99 – Application of Act to unit trust schemes
    • Section 99A – Treatment of umbrella schemes
    • Section 99B – Calculation of the disposal cost of accumulation units
    • Section 100 – Exemption for authorised unit trusts etc
    • Section 100A – Exemption for certain EEA UCITS
    • Section 101 – Transfer of company's assets to investment trust
    • Section 101A – Transfer within group to investment trust
    • Section 101B – Transfer of company's assets to venture capital trust
    • Section 101C – Transfer within group to venture capital trust
    • Section 102 – Collective investment schemes with property divided into separate parts
    • Section 103 – Restriction on availability of indexation allowance
    • Section 103A – Application of Act to certain offshore funds
    • Section 103B – Application of section 99B to transparent funds
    • Section 103C – Power to make regulations about collective investment schemes
    • Section 103D – Co-ownership schemes
    • Section 103DB – UK property rich collective investment vehicles etc.
    • Section 103DA – Tax transparent funds: share pooling etc
  • ▸ Chapter IV – Collective Investment Schemes: Exchanges, Mergers and Schemes of Reconstruction
    • Section 103E – Application of Chapter
    • Section 103F – Exchange of units for units in the same scheme
    • Section 103G – Exchange of units for those in another collective investment scheme
    • Section 103H – Scheme of reconstruction involving issue of units
    • Section 103I – Scheme of reconstruction involving conversion scheme
    • Section 103J – Supplementary provisions
    • Section 103K – Restriction on application of sections 103G, 103H and 103I
  • ▸ Chapter V – Carried interest
    • Section 103KA – Carried interest
    • Section 103KB – Carried interest: consideration on disposal etc. of right
    • Section 103KC – Carried interest: foreign chargeable gains
    • Section 103KD – Carried interest: anti-avoidance
    • Section 103KE – Carried interest: avoidance of double taxation
    • Section 103KF – Relief for external investors on disposal of partnership asset
    • Section 103KG – Meaning of “arise” in Chapter 5
    • Section 103KH – Interpretation of Chapter 5
    • Section 103KFA – Election for carried interest gains to be chargeable as scheme profits arise
    • Section 103KFB – Election in relation to scheme to apply to associated schemes
    • Section 103KFC – Interaction with other charges
    • Section 103KFD – Deemed accrual of loss where carried interest never arises
    • Section 103KFE – Anti-avoidance
▸ Part IV – Shares, securities, options etc.
  • ▸ Chapter I – General
    • Share pooling, identification of securities, and indexation
    • Gilt-edged securities and qualifying corporate bonds
    • Deep discount securities, the accrued income scheme etc.
    • Savings certificates etc.
    • Capital distribution in respect of shares etc.
    • Close companies
    • Share loss relief
  • ▸ Chapter II – Reorganisation of share capital, conversion of securities etc.
    • Reorganisation or reduction of share capital
    • Conversion of securities
    • Company reconstructions ...
    • Transfers concerning companies of different member States
    • Mergers within European Community
    • Transparent entities: disapplication of reliefs related to Mergers Directive
  • ▸ Chapter III – Miscellaneous provisions relating to commodities, futures, options and other securities
    • Section 151A – Venture capital trusts: reliefs.
    • Section 149C – Priority share allocations
    • Section 150 – Business expansion schemes
    • Section 150A – Enterprise investment schemes
    • Section 150B – Enterprise investment scheme: reduction of relief
    • Section 150C – Enterprise investment scheme: re-investment
    • Section 150D – Enterprise investment scheme: application of taper relief
    • Section 150E – Seed enterprise investment scheme
    • Section 150F – Seed enterprise investment scheme: reduction of relief
    • Section 150G – Seed enterprise investment scheme: re-investment
    • Section 151 – Personal equity plans
    • Section 149B – Employee incentive schemes: conditional interests in shares
    • Section 151B – Venture capital trusts: supplementary
    • Section 151BA – CITR: identification of securities or shares on a disposal
    • Section 151BB – CITR: rights issues etc.
    • Section 151BC – CITR: company reconstructions etc.
    • Section 151C – Strips: manipulation of price: associated payment giving rise to loss
    • Section 151D – Corporate strips: manipulation of price: associated payment giving rise to loss
    • Section 151E – Exchange gains and losses from loan relationships: regulations
    • Section 151F – Treatment of alternative finance arrangements
    • Section 151G – Regulations where non-qualifying shares conditions altered
    • Section 146 – Options: application of rules as to wasting assets
    • Section 142 – Capital gains on stock dividends
    • Section 142A – REITs: chargeable gains on stock dividends
    • Section 143 – Commodity and financial futures and qualifying options
    • Section 144 – Options and forfeited deposits
    • Section 144A – Cash-settled options
    • Section 144ZA – Application of market value rule in case of exercise of option
    • Section 144ZB – Exception to rule in section 144ZA
    • Section 144ZC – Section 144ZB: non-commercial exercise of option
    • Section 144ZD – Section 144ZB: alteration of value to obtain tax advantage
    • Section 145 – Call options: indexation allowance
    • Section 141 – Stock dividends: consideration for new holding
    • Section 147 – Quoted options treated as part of new holdings
    • Section 148 – Traded options: closing purchases
    • Section 148A – Futures and options involving guaranteed returns
    • Section 148B – Deemed disposals at a gain under section 564(4) of ITTOIA 2005
    • Section 148C – Deemed disposals at a loss under section 564(4) of ITTOIA 2005
    • Section 149 – Rights to acquire qualifying shares
    • Section 149A – Employment-related securities options
    • Section 149AA – Restricted and convertible employment-related securities
    • Section 149AB – Shares in research institution spin-out companies
  • ▸ Chapter IV – Alternative finance arrangements
    • Introduction
    • Arrangements that are alternative finance arrangements
    • Meaning of “alternative finance return”
    • Special rules for investment bond arrangements
    • Other rules
▸ Part V – Transfer of business assets and investors' relief]
  • ▸ Chapter I – General provisions
    • Replacement of business assets
    • Stock in trade
    • Transfer of business to a company
    • Transfer of business from company to shareholders
    • Retirement relief
  • ▸ Chapter IA – Roll-over relief on re-investment
    • Section 164FG – Multiple claims
    • Section 164N – Interpretation of Chapter IA
    • Section 164MA – Exclusion of double relief
    • Section 164M – Exclusion of double relief
    • Section 164L – Anti-avoidance provisions
    • Section 164K – Foreign residents
    • Section 164J – Provisions supplementary to section 164I
    • Section 164I – Qualifying trades
    • Section 164H – Property companies etc. not to be qualifying companies
    • Section 164G – Meaning of “qualifying company”
    • Section 164A – Relief on re-investment for individuals
    • Section 164FF – Qualifying investment acquired from husband or wife
    • Section 164FA – Loss of relief in cases where shares acquired on being issued
    • Section 164F – Failure of conditions of relief
    • Section 164E – Application of Chapter in cases of an exchange of shares
    • Section 164D – Relief carried forward into replacement shares
    • Section 164C – Restriction applying to retirement relief and roll-over relief on re-investment
    • Section 164BA – Interaction with retirement relief
    • Section 164B – Roll-over relief on re-investment by trustees
  • ▸ Chapter II – Gifts of business assets
    • Section 165 – Relief for gifts of business assets
    • Section 165A – Meaning of “holding company”, “trading company” and “trading group”
    • Section 166 – Gifts to non-residents
    • Section 167 – Gifts to foreign-controlled companies
    • Section 168 – Emigration of donee
    • Section 167A – Gifts of direct or indirect interests in UK land to non-residents
    • Section 169 – Gifts into dual resident trusts
    • Section 169A – Cessation of trade by limited liability partnership
    • Section 169B – Gifts to settlor-interested settlements
    • Section 169C – Clawback of relief if settlement becomes settlor-interested etc
    • Section 169D – Exceptions to sections 169B and 169C
    • Section 169E – Meaning of “settlor” in sections 169B to 169D and 169G
    • Section 169F – Meaning of “interest in a settlement” in sections 169B to 169D
    • Section 169G – Meaning of “arrangement” in sections 169B to 169E and information power
    • Section 168A – Postponing held-over gain: interests in UK land
  • ▸ Chapter III – Business asset disposal relief
    • Section 169H – Introduction
    • Section 169I – Material disposal of business assets
    • Section 169J – Disposal of trust business assets
    • Section 169K – Disposal associated with relevant material disposal
    • Section 169L – Relevant business assets
    • Section 169M – Relief to be claimed
    • Section 169N – Amount of relief: general
    • Section 169O – Amount of relief: special provisions for certain trust disposals
    • Section 169P – Amount of relief: special provision for certain associated disposals
    • Section 169Q – Reorganisations: disapplication of section 127
    • Section 169R – Reorganisations involving acquisition of qualifying corporate bonds
    • Section 169S – Interpretation of Chapter
    • Section 169LA – Relevant business assets: goodwill transferred to a close compan] etc.
    • Section 169SA – Meaning of "trading company" and "trading group"
  • ▸ Chapter 3A – Business asset disposal relief where company ceases to be individual's personal company
    • Section 169SB – Overview of Chapter
    • Section 169SC – Election by individual where company ceases to be personal company
    • Section 169SD – Supplementary election to defer gains until subsequent disposal
    • Section 169SE – Application of section 169SD where section 116 applies
    • Section 169SF – Application of section 169SD where sections 127 to 130 apply
    • Section 169SG – Elections under sections 169SC and 169SD
    • Section 169SH – Claims for relief in respect of subsequent disposals
  • ▸ Chapter IV – where held-over gains become chargeable
    • Section 169T – Overview of Chapter
    • Section 169U – Eligibility conditions for deferred business asset disposal relief
    • Section 169V – Operation of deferred business asset disposal relief
  • ▸ Chapter V – Investor's relief
    • Overview
    • Qualifying shares
    • The relief
    • Trustees of a settlement: special provision
    • Disposals of interests in shares
    • Cap on relief
    • Claims for relief
    • Reorganisations
    • Supplemental
▸ Part I – Capital gains tax and corporation tax on chargeable gains
  • ▸ Chapter 1 – Capital Gains Tax
    • Charge to capital gains tax
    • Territorial scope of charge
    • Deduction of allowable losses
    • UK resident individuals with split tax years
    • Rates of CGT
    • Annual exempt amount
    • Temporary periods of non-residence
    • Interpretation
  • ▸ Chapter 2 – Corporation tax on chargeable gains
    • Corporation tax on chargeable gains: the general scheme
    • Territorial scope
    • Application of CGT principles etc
    • Supplementary
  • ▸ Chapter 3 – Attribution of gains of non-UK resident close companies
    • Gains of non-UK resident companies not otherwise chargeable
    • Prevention of multiple charges
    • Individuals who were non-UK domiciled and temporary non-residents
    • Application to groups
    • Supplementary
    • Capital gains tax
    • Corporation tax
    • Residence etc.
    • UK residential property: non-resident CGT
▸ Part VI – Companies, oil, insurance etc.
  • ▸ Chapter I – – Companies
    • Groups of companies
    • Transactions within groups
    • Losses attributable to depreciatory transactions
    • Pre-entry gains
    • Companies leaving groups
    • Restriction on indexation allowance for groups and associated companies
    • Restrictions on buying losses or gains etc
    • Assets subject to EU exit charges
    • Non-resident and dual resident companies
    • Pooling of NRCGT gains and losses
    • Recovery of tax otherwise than from tax-payer company
    • Demergers
    • Disposals by companies with substantial shareholding
  • ▸ Chapter II – – Oil and Mining Industries
    • Oil exploration and exploitation
    • Mineral leases
  • ▸ Chapter III – – Insurance
    • Section 211 – Transfers of business
    • Section 214BA – Interpretation
    • Section 214B – Modification of Act in relation to overseas life insurance companies
    • Section 214A – Further transitional provisions
    • Section 214 – Transitional provisions
    • Section 213A – Power to modify ss. 212 and 213 etc. in case of CFCs that are offshore funds
    • Section 213 – Spreading of gains and losses under section 212
    • Section 212 – Annual deemed disposal of holdings of unit trusts etc.
    • Section 211ZA – Transfers of business: transfer of unused losses
    • Section 211B – Transfers of assets to certain collective investment schemes
    • Section 211A – Gains of insurance company from venture capital investment partnership
    • Section 204 – Policies of insurance
    • Section 210C – Losses on disposal of authorised investment fund assets to connected manager
    • Section 210B – Disposal and acquisition of section 119 or 120 securities
    • Section 210A – Ring-fencing of losses
    • Section 210 – Life assurance and deferred annuities
    • Section 209 – Interpretation, regulations about underwriters etc.
    • Section 208 – Premiums trust funds: indexation
    • Section 207 – Disposal of assets in premiums trust
    • Section 206 – Underwriters
    • Section 205 – Disallowance of insurance premiums as expenses
  • ▸ Chapter IV – – Miscellaneous Cases
    • Section 214C – Gains not eligible for taper relief
    • Building societies etc.
    • Friendly societies
    • Registered societies and co-operatives
    • The Regulator of Social Housing, the Secretary of State and housing associations
    • Other bodies
▸ Part VII – Other property, businesses, investments etc.
  • ▸ Private residences
    • Section 222 – Relief on disposal of private residence
    • Section 223 – Amount of relief
    • Section 224 – Relief under sections 223 and 223B: further provisions
    • Section 225 – Private residence occupied under terms of settlement
    • Section 225A – Private residence held by personal representatives
    • Section 225B – Disposals in connection with divorce, etc.
    • Section 225C – Sale of private residence under certain agreements with employer, etc
    • Section 225D – Private residence of adult placement carer
    • Section 225E – Disposals by disabled persons or persons in care homes etc.
    • Section 226 – Private residence occupied by dependent relative before 6th April 1988
    • Section 226A – Private residence relief: cases where relief obtained under section 260
    • Section 226B – Exception to section 226A
    • Section 222A – Determination of main residence: non-resident CGT disposals
    • Section 222B – Non-qualifying tax years
    • Section 222C – Day count test
    • Section 223A – Amount of relief: non-resident CGT disposals
    • Section 223ZA – Amount of relief: individual’s residency delayed by certain events
    • Section 223B – Additional relief: part of private residence let out
    • Section 225BA – Deferred payments on disposals in connection with divorce etc.
  • ▸ Employee share ownership trusts
    • Section 227 – Conditions for roll-over relief
    • Section 228 – Conditions for relief: supplementary
    • Section 229 – The relief
    • Section 230 – Dwelling-houses: special provision
    • Section 231 – Shares: special provision
    • Section 232 – Chargeable event when replacement assets owned
    • Section 233 – Chargeable event when replacement property owned
    • Section 234 – Chargeable events when bonds owned
    • Section 235 – Information
    • Section 236 – Prevention of double charge
  • ▸ Share incentive plans
    • Section 236A – Relief for transfers to share incentive plans
  • ▸ Employee shareholders
    • Section 236B – Exemption for employee shareholder shares
    • Section 236C – Only first £50,000 of shares under associated agreements to be exempt
    • Section 236D – Shares not exempt if shareholder or connected person has material interest in company
    • Section 236E – Identification of exempt employee shareholder shares
    • Section 236F – Reorganisation of share capital involving employee shareholder shares
    • Section 236G – Relinquishment of employment rights is not disposal of an asset
  • ▸ Employee-ownership trusts
    • Section 236H – Disposals to employee-ownership trusts
    • Section 236I – Trading requirement
    • Section 236J – All-employee benefit requirement
    • Section 236K – Further provision about the equality requirement
    • Section 236L – Cases in which all-employee benefit requirement treated as met
    • Section 236M – Controlling interest requirement
    • Section 236N – Limited participation requirement
    • Section 236O – No section 236H relief if disqualifying event in next four tax years
    • Section 236P – Disposals to employee-ownership trusts
    • Section 236Q – Relief for deemed disposals under section 71
    • Section 236R – No section 236Q relief if disqualifying event in next four tax years
    • Section 236S – Identification of shares where section 236H or 236Q applies
    • Section 236T – Further provision about significant and controlling interests
    • Section 236U – Interpretation of sections 236H to 236U
    • Section 236LA – Trustee independence requirement
  • ▸ Superannuation funds, profit sharing schemes, employee trusts etc.
    • Section 237 – Superannuation funds, annuities and annual payments
    • Section 237A – Share option schemes: release and replacement of options
    • Section 238 – Approved profit sharing and share option schemes
    • Section 238A – Share schemes and share incentives
    • Section 239 – Disposals to employee trusts
    • Section 239ZA – Relief for disposals by trustees of employee trusts
  • ▸ Registered pension schemes
    • Section 239A – De-registration of registered pension schemes
    • Section 239B – Withdrawal of approval of approved arrangements
  • ▸ Leases
    • Section 240 – Leases of land and other assets
    • Section 241 – UK Furnished holiday lettings
    • Section 241A – EEA furnished holiday lettings
  • ▸ Part disposals
    • Section 242 – Small part disposals
    • Section 243 – Part disposal to authority with compulsory powers
    • Section 244 – Part disposal: consideration exceeding allowable expenditure
  • ▸ Compulsory acquisition
    • Section 245 – Compensation paid on compulsory acquisition
    • Section 246 – Time of disposal and acquisition
    • Section 247 – Roll-over relief on compulsory acquisition
    • Section 247A – Provisional application of section 247
    • Section 248 – Provisions supplementary to section 247
  • ▸ Joint interests in land
    • Section 248A – Roll-over relief on disposal of joint interests in land: conditions
    • Section 248B – Calculation of relief
    • Section 248C – Excluded land
    • Section 248D – Milk quotas
    • Section 248E – Relief on disposal of joint interests in private residence
  • ▸ Woodlands
    • Section 249 – Grants for giving up agricultural land
    • Section 250 – Woodlands
  • ▸ Debts
    • Section 251 – General provisions
    • Section 252 – Foreign currency bank accounts
    • Section 252A – Foreign currency bank accounts and the remittance basis
    • Section 253 – Relief for loans to traders
    • Section 254 – Relief for debts on qualifying corporate bonds
    • Section 255 – Provisions supplementary to section 254
  • ▸ Investments in social enterprises
    • Section 255A – Hold-over relief for gains re-invested in social enterprises
    • Section 255B – Gains and losses on investments in social enterprises
    • Section 255C – Application of section 255B(2) where maximum SI relief not obtained
    • Section 255D – Application of section 255B(2) where SI relief has been reduced
    • Section 255E – Reorganisations involving shares to which SI relief is attributable
  • ▸ Charities and gifts of non-business assets etc.
    • Section 256 – Charities
    • Section 256A – Attributing gains to the non-exempt amount: charitable trusts
    • Section 256B – How gains are attributed to the non-exempt amount: charitable trusts
    • Section 256C – Attributing gains to the non-exempt amount: charitable companies
    • Section 256D – How gains are attributed to the non-exempt amount: charitable companies
    • Section 257 – Gifts to charities etc.
    • Section 257A – Tainted charity donations
    • Section 258 – Works of art etc.
    • Section 259 – Gifts to housing associations
    • Section 260 – Gifts on which inheritance tax is chargeable etc.
    • Section 261 – Section 260 relief: gifts to non-residents
    • Section 261ZA – Gifts of direct or indirect interests in UK land to non-residents
  • ▸ Know-how
    • Section 261A – Disposal of know-how as part of disposal of all or part of a trade
  • ▸ Deduction of trading losses or post-cessation expenditure etc
    • Section 261B – Treating trade loss etc. as CGT loss
    • Section 261C – Meaning of “the maximum amount” for purposes of section 261B
    • Section 261D – Treating excess post-cessation trade or property relief as CGT loss
    • Section 261E – Meaning of “the maximum amount” for purposes of section 261D
  • ▸ Repurchase price under repos
    • Section 261F – Deemed manufactured payments: effect on repurchase price
    • Section 261G – Price differences under repos: effect on repurchase price
    • Section 261H – Power to modify section 261G in non-arm's length case
  • ▸ Miscellaneous reliefs and exemptions
    • Section 262 – Chattel exemption
    • Section 263 – Passenger vehicles
    • Section 263A – Agreements for sale and repurchase of securities
    • Section 263AA – Section 263A: interpretation
    • Section 263AZA – Renewables obligation certificates for domestic microgeneration
    • Section 263B – Stock lending arrangements
    • Section 263C – Stock lending involving redemption
    • Section 263CA – Stock lending: insolvency etc. of borrower
    • Section 263D – Gains accruing to persons paying manufactured dividends
    • Section 263E – Structured finance arrangements
    • Section 263F – Power to modify repo provisions: non-standard repo cases
    • Section 263G – Power to modify repo provisions: redemption arrangements
    • Section 263H – Sections 263F and 263G: supplementary provisions
    • Section 263I – Powers about manufactured overseas dividends
    • Section 263ZA – Former employees: employment-related liabilities
    • Section 264 – Relief for local constituency associations of political parties on reorganisation of constituencies
    • Section 265 – Designated international organisations
    • Section 266 – Inter-American Development Bank
    • Section 267 – Sharing of transmission facilities
    • Section 268 – Decorations for valour or gallant conduct
    • Section 268A – Victims of National-Socialist persecution
    • Section 268B – Compensation for deprivation of foreign assets
    • Section 269 – Foreign currency for personal expenditure
    • Section 270 – Chevening Estate
    • Section 271 – Other miscellaneous exemptions
  • ▸ Visiting forces and official agents etc
    • Section 271ZA – Visiting forces and staff of designated allied headquarters
    • Section 271ZB – Official agents of Commonwealth countries or Republic of Ireland etc.
▸ Part VIIA – UK representatives of Non-UK residents
  • ▸ Chapter 1 – Treatment of Branch or Agency as UK Representative of Non-UK Resident
    • Introduction
    • Branches and agencies
  • ▸ Chapter 2 – Capital Gains Tax Obligations and Liabilities Imposed on UK Representatives
    • Section 271E – Introduction to Chapter
    • Section 271F – Obligations and liabilities of UK representative
    • Section 271G – Exceptions: notices and information
    • Section 271H – Exceptions: criminal offences and penalties etc.
    • Section 271I – Indemnities
    • Section 271J – Meaning of “non-UK resident” and “independent agent”
▸ Part VIII – Supplemental
  • Section 280 – Consideration payable by instalments
  • Section 291 – Short title
  • Section 290 – Savings, transitionals, consequential amendments and repeals.
  • Section 289 – Commencement
  • Section 288 – Interpretation
  • Section 287 – Orders and regulations made by the Treasury or the Board
  • Section 286A – Residence of companies
  • Section 286 – Connected persons: interpretation
  • Section 285A – European Economic Interest Groupings
  • Section 285 – Recognised investment exchanges
  • Section 284B – Provisions supplementary to section 284A
  • Section 284A – Concessions that defer a charge
  • Section 284 – Income tax decisions
  • Section 283 – Repayment supplements
  • Section 282 – Recovery of tax from donee
  • Section 281 – Payment by instalments of tax on gifts
  • Section 272 – Valuation: general
  • Section 279D – Elections under section 279A
  • Section 279C – Effect of election under section 279A
  • Section 279B – Provisions supplementary to section 279A
  • Section 279A – Deferred unascertainable consideration: election for treatment of loss
  • Section 279 – Foreign assets: delayed remittances
  • Section 278 – Allowance for foreign tax
  • Section 277 – Double taxation relief
  • Section 276A – No gain/no loss: foreign permanent establishment exemption
  • Section 276 – The territorial sea and the continental shelf
  • Section 275C – Location of assets: interests of co-owners
  • Section 275B – Section 275A: supplementary provisions
  • Section 275A – Location of certain intangible assets
  • Section 275 – Location of assets
  • Section 274 – Value determined for inheritance tax
  • Section 273 – Unquoted shares and securities
▸ Schedules
  • ▸ Schedule A1 Application of taper relief
    • 1. Introductory
    • 2. Period for which an asset is held and relevant period of ownership
    • 3. Rules for determining whether a gain is a gain on the disposal of a business
    • 4. Conditions for shares to qualify as business assets
    • 5. Conditions for other assets to qualify as business assets
    • 6. Companies which are qualifying companies
    • 7. Persons who are eligible beneficiaries
    • 8. Cases where there are non-qualifying beneficiaries
    • 9. Cases where an asset is used at the same time for different purposes
    • 10. Periods of limited exposure to fluctuations in value not to count
    • 11. Periods of share ownership not to count where there is a change of activity by the company
    • 11A. Periods of share ownership not to count if company is not active
    • 12. Periods of share ownership not to count in a case of value shifting
    • 13. Rules for options
    • 14. Further rules for assets derived from other assets
    • 15. Special rules for assets transferred between spouses or civil partners
    • 16. Special rules for postponed gains
    • 17. Special rule for property settled by a company
    • 18. Special rules for assets acquired in the reconstruction of mutual businesses et cetera etc.
    • 19. Special rule for ancillary trust funds
    • 20. General rules for settlements
    • 21. General rule for apportionments under this Schedule
    • 22. Interpretation of Schedule
    • 22A. Meaning of “trading company”
    • 22B. Meaning of “trading group”
    • 23. Qualifying shareholdings in joint venture companies
    • 24. Joint enterprise companies: relevant connection
  • ▸ Schedule B1 Disposals of UK residential property interests
    • 1. Meaning of “disposal of a UK residential property interest”
    • 2. “Interest in UK land”
    • 3. Grants of options
    • 4. Meaning of “dwelling”
    • 5. Power to modify meaning of “use as a dwelling”
    • 6. Damage to a dwelling
    • 7. Demolition of a building
    • 8. Disposal of a building that has undergone works
    • 9. Retrospective planning permission or development consent
    • 10. Interpretation
  • ▸ Schedule BA1 Disposals of non-UK residential property interests
    • 1. Meaning of “disposal of a non-UK residential property interest”
    • 2. “Interest in non-UK land”
    • 3. Grants of options
    • 4. Meaning of “dwelling”
    • 5. Interpretation
  • ▸ Schedule C1 Section 14F: meaning of “closely-held company” and “widely-marketed scheme”
    • Part 1 – Meaning of “closely-held company”
    • Part 2 – Unit trust schemes and OEICs: widely-marketed schemes
  • ▸ Schedule 1 UK resident individuals to whom the remittance basis applied
    • 1. Foreign gains treated as accruing when remitted to UK
    • 2. Use of allowable losses against foreign gains remitted in later year
    • 3. Matching rules for relieving allowable losses
    • 4. Rules for matching losses to chargeable gains
    • 5. Definitions
  • ▸ Schedule 1A Assets deriving 75% of value from UK land etc.
    • Part 1 – Introduction
    • Part 2 – Whether asset derives at least 75% of its value from UK land
    • Part 3 – Whether person has substantial indirect interest in UK land
    • Part 4 – Anti-avoidance
  • ▸ Schedule D1 Relief for new residents on foreign gains
    • 1. Claim for relief for qualifying new residents
    • 2. Relief for qualifying foreign gains
    • 3. Relief in respect of deemed gains under section 86
    • 4. Relief in respect of deemed gains under sections 87 and 89(2) and Schedule 4C
    • 5. Other effects of claim
    • 6. Interpretation of Schedule
  • ▸ Schedule 1B Residential property gains
    • 1. Meaning of “residential property gain”
    • 2. Attribution of gain to residential property
    • 3. Disposing of residential property
    • 4. Interest in land
    • 5. Dwelling: basic meaning
    • 6. Building temporarily unsuitable for use as a dwelling
    • 7. Disposal of a building that has undergone works
    • 8. Other definitions
    • 9. Power to modify meaning of “use as a dwelling”
    • 10. Regulations
  • ▸ Schedule 1C Annual exempt amount in cases involving settled property
    • 1. Introductory
    • 2-4. Settlements for the benefit of disabled persons
    • 5. Other settlements
    • 6-7. Special rules for qualifying UK settlements comprised in groups
    • 8. Special rules for principal settlements and sub-funds
  • ▸ Schedule 2 Assets held on 6th April 1965
    • Part I – Quoted securities
    • Part II – Land reflecting development value
    • Part III – Other assets
    • Part IV – Miscellaneous
  • ▸ Schedule 3 Assets held on 31st March 1982
    • 1-2. Previous no gain/no loss disposals
    • 3 Capital allowances
    • 4. Part disposals etc.
    • 5. Assets derived from other assets
    • 6. Apportionment of pre-1965 gains and losses
    • 7. Elections under section section 35(5): excluded disposals
    • 8-9. Elections under section 35(5): groups of companies
  • ▸ Schedule 4 Deferred charges on gains before 31st March 1982
    • A1. Application of Schedule
    • 1. Reduction of deduction or gain
    • 2-3. Charges rolled-over or held-over
    • 4 Postponed charges
    • 5-7. Previous no gain/no loss disposals
    • 8. Assets derived from other assets
    • 9. Claims
  • ▸ Schedule 4ZZA Relevant high value disposal: gains and losses
    • 1. Introductory
    • 2-4. Assets held on 5 April 2013, 5 April 2015 or 5 April 2016: no paragraph 5 election
    • 5. Election for paragraph 2 to 4 not to apply to a chargeable interest
    • 6. Cases where election made or or none of Cases 1 to 3 apply
    • 6A. Special rule for certain disposals to which both this Schedule and Schedule 4ZZB relate
    • 7. Adjustments of ATED chargeable days
    • 8. Wasting assets
    • 9. Capital allowances
  • ▸ Schedule 4ZZB Non-resident CGT disposals: gains and losses
    • Part 1 – Introduction
    • Part 2 – Elections for alternative methods of computation
    • Part 3 – Main computation rules
    • Part 4 – Cases involving relevant high value disposals
    • Part 5 – Special rules for companies
    • Part 6 – Miscellaneous provisions
    • Part 7 – Interpretation
  • ▸ Schedule 4ZZC Disposals of residential interests: gains and losses
    • Part 1 – Introduction and interpretation
    • Part 2 – RPI disposals not involving relevant high value disposals
    • Part 3 – RPI disposals involving relevant high value disposals
  • ▸ Schedule 4ZA Sub-fund settlements
    • 1-9. Making a sub-fund election
    • 10-13. Sub-fund elections: procedure
    • 14-16. Power to make enquiries
    • 17 -22. Consequences of a sub-fund election
  • ▸ Schedule 4AA Re-basing for non-residents in respect of UK land etc. held on 5 April 2019
    • Part 1 – Introduction
    • Part 2 – Indirect disposals and direct disposals not chargeable before 6 April 2019
    • Part 3 – Direct disposals of Pre-April 2015 assets fully chargeable before 6 April 2019
    • Part 4 – Direct disposals of assets partly chargeable before 6 April 2019
    • Part 5 – Miscellaneous
  • ▸ Schedule 4A Disposal of interest in settled property: deemed disposal of underlying assets
    • 1. Circumstances in which this Schedule applies
    • 2. Meaning of “interest in settled property”
    • 3. Meaning of “for consideration”
    • 4. Deemed disposal of underlying assets
    • 5. Condition as to UK residence of trustees
    • 6. Condition as to UK residence of settlor
    • 7. Condition as to settlor interest in the settlement
    • 8. The relevant underlying assets
    • 9. Character of deemed disposal
    • 10. Avoidance of double-counting
    • 11. Recovery of tax from person disposing of interest
    • 12. Meaning of “settlor”
    • 13. Cases where there is a period between the beginning of the disposal and its effective completion
    • 14. Exception: maintenance funds for historic buildings
  • ▸ Schedule 4B Transfers of value by trustees linked with trustee borrowing
    • 1. General scheme of this Schedule
    • 2. Transfers of value
    • 3. Settlements within section 86 or 87
    • 4. Trustee borrowing
    • 5. Transfer of value linked with trustee borrowing
    • 6. Application of proceeds of borrowing for normal trust purposes
    • 7. Ordinary trust assets
    • 8. The alternative condition for assets no longer part of the settled property
    • 9. Normal trust purposes: power to make provision by regulations
    • 10. Deemed disposal of remaining chargeable assets
    • 11. Whether deemed disposal is of whole or a proportion of the assets
    • 12. Value attributable to trustee borrowing
    • 13. Assets and transfers
  • ▸ Schedule 4C Transfers of value: attribution of gains to beneficiaries
    • 1. Introduction
    • 1A. Outstanding section 1(3) amounts
    • 3. Computation of Schedule 4B trust gains
    • 4. Chargeable amount: non-resident settlement
    • 5. Chargeable amount: dual resident settlement
    • 6. Gains attributed to settlor
    • 7. Reduction for allowable losses
    • 7A-7B. Gains to be brought into pool on subsequent transfer of value
    • 8. Attribution of Schedule 4C gains to beneficiaries
    • 8A. Relevant settlements
    • 8B. Attribution of gains in Schedule 4C pool
    • 8C. Attribution of gains: Schedule 4C pool gains and other gains
    • 9. Attribution of gains: disregard of certain capital payments
    • 10. Residence of trustees from whom capital payment received
    • 11. Taper relief
    • 12. Attribution of gains to settlor in section 1M cases
    • 12A. Attribution of gains to beneficiaries in section 1M cases
    • 13. Increase in tax payable under this Schedule
    • 13A. Effect of settlement ceasing to exist after transfer of value
    • 14. Interpretation
    • 8AA. Attribution of gains: remittance basis
  • ▸ Schedule 5A Settlements with foreign element: information
    • 1-6
  • ▸ Schedule 5 Attribution of gains to settlors with interest in non-resident or dual resident settlement
    • 1 Construction of section 86(1)(e)
    • 2 Test whether settlor has interest
    • 2A Settlements created before 17th March 1998
    • 3-5B Exceptions from section 86
    • 6 Right of recovery
    • 7 Meaning of “settlor"
    • 8 Meaning of “originating"
    • 9 Qualifying settlements, and commencement
    • 10-14 Information
    • 5C Old section 87 rebasing elections to apply in relation to section 86
  • ▸ Schedule 5AZA Meaning of "scheme of reconstruction"
    • 1 Introductory
    • 2 Form of scheme
    • 3 First condition: issue of units
    • 4 Second condition: equal entitlement to new units
    • 5 Preliminary reorganisation of units to be disregarded
    • 6 Subsequent issue of units to be disregarded
  • ▸ Schedule 5AAA UK property rich collective investment vehicles etc.
    • Part 1 – Introduction: key expressions
    • Part 2 – Basic rules
    • Part 3 – Election for transparency
    • Part 4 – Exemption
    • Part 5 – Reporting and payment
    • Part 6 – General
    • Part 7 – Transitional provision
  • ▸ Schedule 5AA Meaning of "scheme of reconstruction"
    • 1 Introductory
    • 2 First condition: issue of ordinary share capital
    • 3 Second condition: equal entitlement to new shares
    • 4 Third condition: continuity of business
    • 5 Fourth condition: compromise or arrangement with members
    • 6 Preliminary reorganisation of share capital to be disregarded
    • 7 Subsequent issue of shares or debentures to be disregarded
    • 8 Interpretation
  • ▸ Schedule 5B Enterprise investment scheme: re-investment
    • 1 Application of Schedule
    • 1A Failure of conditions of application
    • 2 Postponement of original gain
    • 3 Chargeable events
    • 4 Gain accruing on chargeable event
    • 5 Person to whom gain accrues
    • 6 Claims
    • 7 Reorganisations
    • 8 Acquisition of share capital by new company
    • 9 Other reconstructions and amalgamations
    • 10 Re-investment in same company etc.
    • 11 Pre-arranged exits
    • 11A Disqualifying arrangements
    • 12 Put options and call options
    • 13 Value received by investor
    • 13A Provision supplemental to paragraph 13
    • 13B Receipt of replacement value
    • 13C Provision supplemental to paragraph 13B
    • 14 Value received by other persons
    • 14AA Insignificant repayments disregarded for purposes of paragraph 14
    • 14A Certain receipts to be disregarded for purposes of paragraph 14
    • 15 Investment-linked loans
    • 16 Information
    • 17 Trustees: general
    • 18 Trustees: anti-avoidance
    • 19 Interpretation
  • ▸ Schedule 5BB Seed enterprise investment scheme: re-investment
    • 1 SEIS re-investment relief
    • 2 Restrictions on relief under paragraph 1
    • 3 Claims
    • 4 Attribution of SEIS re-investment relief to relevant SEIS shares
    • 5 Removal or reduction of the relief
    • 6 Transfers of shares to spouses and civil partners
    • 7 Adjustment of capital gains tax liability
    • 8 Interpretation etc
  • ▸ Schedule 7ZA Business asset disposal relief: "trading company" and "trading group"
    • Part 1 – Meaning of "trading company" and "trading group"
    • Part 2 – Joint venture companies
    • Part 3 – Partnerships
    • Part 4 – Interpretation of this Schedule
  • ▸ Schedule 7ZB Investor's relief: disqualifications of shares
    • 1 Disqualification of shares where value received in period of restriction
    • 2 “Receives value”
    • 3 Amount of value
    • 4-5 Receipt of replacement value
    • 6 Interpretation
  • ▸ Schedule 7A Restriction on set-off of pre-entry losses
    • 1. Application and construction of Schedule
    • 2. Pre-entry proportion of losses on pre-entry assets
    • 3. Disposals of pooled assets
    • 4. Rule to prevent pre-entry losses on pooled assets being treated as post-entry losses
    • 5. Alternative calculation by reference to market value
    • 6. Restrictions on the deduction of pre-entry losses
    • 7. Gains from which pre-entry losses are to be deductible
    • 8. Change of a company’s nature
    • 9. Identification of “the relevant group" and application of Schedule to every connected group
    • 10-10A. Appropriations to stock in trade
    • 11. Continuity provisions
    • 12. Companies changing groups on certain transfers of shares etc.
  • ▸ Schedule 7AD gains of insurance company from venture capital investment partnership
    • 1 Introduction
    • 2 Meaning of “venture capital investment partnership”
    • 3 Interest in relevant assets of partnership treated as single asset
    • 4 The cost of the single asset
    • 5 Deemed disposal of single asset in case of distribution
    • 6 Apportionment in case of part disposal
    • 7 Disposal of partnership asset giving rise to offshore income gain
    • 8 Exclusion of negligible value claim
    • 9 Investment in other venture capital investment partnerships
    • 10 Interpretation
    • 11 General commencement and transitional provisions
    • 12 Election to remain outside Schedule
    • 13 How and when election to be made
  • ▸ Schedule 7AC Exemptions for disposals by companies with substantial shareholding
    • Part 1 – The exemptions
    • Part 2 – The substantial shareholding requirement
    • Part 3 – Requirements to be met in relation to investing company and company invested in
    • Part 4 – Interpretation
    • Part 5 – Consequential provisions
  • ▸ Schedule 7AB Roll-over of degrouping charge: modification of enactments
    • 1 Introductory
    • 2 Section 152
    • 3 Section 153
    • 4 Section 153A
    • 5 Section 155
    • 6 Section 159
    • 7 Section 175
    • 8 Section 185
    • 9 Section 198
    • 10 Schedule 22 to the Finance Act 2000
  • ▸ Schedule 7AA Restrictions on setting losses against pre-entry gains
    • 1 Introductory
    • 2 Restriction on setting off losses
    • 3 Adjustment of pre-entry gains
    • 4 Meaning of “qualifying losses"
    • 5 Special rule for disposal of pooled assets
    • 6 Special rule for losses on disposal of certain assets acquired at different times
    • 7 Special rule for gains and losses on deemed annual disposal
  • ▸ Schedule 5BA Enterprise investment scheme: application of taper relief
    • 1 Application of Schedule
    • 2 Taper relief on revived gains
    • 3 Qualifying holding period
    • 4 Periods that do not count
    • 5 Gains on disposal of business or non-business assets
    • 6 Savings
    • 7 Relevant re-investment shares
    • 8 Derivation of gains
    • 9 Interpretation
  • ▸ Schedule 5C Venture capital trusts: deferred charge on re-investment
    • 1 Application of Schedule
    • 2 The postponement of the original gain
    • 3 Chargeable events
    • 4 Gain accruing on chargeable event
    • 5 Persons to whom gain accrues
    • 6 Interpretation
  • ▸ Schedule 6 Retirement relief etc.
    • Part I – Interpretation
    • Part II – The operation of the relief
  • ▸ Schedule 7 Relief for gifts of business assets
    • Part I – Agricultural property and settled property
    • Part II – Reductions in held-over gain
  • ▸ Schedule 7B Modification of act in relation to overseas life insurance companies
    • 1-16
  • ▸ Schedule 7C Relief for transfers to Schedule 2 share plans
    • 1 Introductory
    • 2 Conditions relating to the disposal
    • 3 Reinvestment of disposal proceeds
    • 4 Provision supplementary to paragraphs 2 and 3
    • 5 The relief
    • 6 Dwelling-houses: special provision
    • 7 Shares: special provision
    • 8 Meaning of “chargeable asset”
  • ▸ Schedule 7D Share Schemes and Share Incentives
    • Part 1 – Schedule 2 share incentive plans
    • Part 2 – Schedule 3 SAYE option schemes
    • Part 3 – Schedule 4 CSOP schemes
    • Part 4 – Enterprise management incentives
  • ▸ Schedule 8 Leases
    • 1 Leases of land as wasting assets: curved line restriction of allowable expenditure
    • 2-3 Premiums for leases
    • 4 Subleases out of short leases
    • 5-7A Exclusion of premiums taxed as receipts of a property business etc.
    • 8 Duration of leases
    • 9 Leases of property other than land
    • 10 Interpretation
  • ▸ Schedule 8A Foreign currency bank accounts
    • 1 Introductory
    • 2 Section 37 operates to exclude the whole consideration
    • 3 Section 37 operates to exclude part of the consideration
    • 4 Interpretation
  • ▸ Schedule 8B Hold-over relief for gains re-invested in social enterprises
    • 1-2 When does the Schedule apply?
    • 3 Interpretation of Schedule
    • 4 Claim to hold gain over while invested in a social enterprise
    • 5 Held-over gain treated as accruing on disposal etc of the qualifying investment
    • 6 Chargeable events
    • 7 Person to whom held-over gain is treated as accruing
    • 8 Claims: procedure
  • ▸ Schedule 9 Gilt-edged securities
    • Part I – General
    • Part II – Existing gilt-edged securities
  • ▸ Schedule 10 Consequential amendments
    • 1 Post Office Act 1969 c. 48
    • 2 Taxes Management Act 1970 c. 9
    • 3 Finance Act 1973 c. 51
    • 4 British Aerospace Act 1980 c. 26
    • 5 British Telecommunications Act 1981 c. 38
    • 6 Value Added Tax Act 1983 c. 55
    • 7 Telecommunications Act 1984 c. 12
    • 8 Inheritance Tax Act 1984 c. 51
    • 9 Finance Act 1985 c. 54
    • 10 Trustee Savings Bank Act 1985 c. 58
    • 11 Transport Act 1985 c. 67
    • 12 Airports Act 1986 c. 31
    • 13 Gas Act 1986 c. 44
    • 14 Income and Corporation Taxes Act 1988 c. 1
    • 15 British Steel Act 1988 c. 35
    • 16 Finance Act 1988 c. 39
    • 17 Health and Medicines Act 1988 c. 49
    • 18 Water Act 1989 c. 15
    • 19 Finance Act 1989 c. 26
    • 20 Electricity Act 1989 c. 29
    • 21 Capital Allowances Act 1990 c. 1
    • 22 Finance Act 1990 c. 29
    • 23 Finance Act 1991 c. 31.
    • 24 Ports Act 1991 c. 52
    • 25 British Technology Group Act 1991 c. 66
    • 19 Finance Act 1989 c. 26
  • ▸ Schedule 11 Transitional provisions and savings
    • Part I – Valuation
    • Part II – Other transitory provisions
    • Part III – Assets acquired before commencement
    • Part IV – Other general savings
  • Schedule 12 Repeals
Part I – Capital gains tax and corporation tax on chargeable gains / Chapter 3 – Attribution of gains of non-UK resident close companies / Gains of non-UK resident companies not otherwise chargeable

Gains of non-UK resident companies not otherwise chargeable

Contents

  • Section 3 – Gains attributed to UK resident individuals etc. Section commentary
  • Section 3A – Gains connected to avoidance or foreign activities etc. Section commentary
  • Section 3B – Participators and their interests Section commentary

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