Taxation of Chargeable Gains Act 1992 section 103C

Power to make regulations about collective investment schemes

Section 103C grants the Treasury a broad regulation-making power to determine how participants in collective investment schemes are treated for capital gains tax purposes.

• The Treasury may make regulations governing the capital gains tax treatment of investors in collective investment schemes, including the ability to target specific types of scheme.
• Regulations can modify existing legislation, make different provision for different circumstances, and include supplementary or transitional rules.
• Any regulations made must be laid before the House of Commons and will lapse after 40 days unless approved by resolution; once the first set of regulations has been approved, subsequent regulations are not subject to this 40-day requirement.
• If regulations lapse for want of approval, anything already done under them remains valid, and the Treasury may make new regulations to the same or similar effect.