Taxation of Chargeable Gains Act 1992 section 220

Disposals by Northern Ireland housing associations

Section 220 provides that disposals of land or property between registered Northern Ireland housing associations are treated on a no gain/no loss basis for capital gains tax purposes.

• When a registered Northern Ireland housing association disposes of land to another registered Northern Ireland housing association, the transaction is treated as a no gain/no loss disposal for chargeable gains purposes.
• Where the Department of the Environment for Northern Ireland directs a registered Northern Ireland housing association to transfer property other than land to another such association, the same no gain/no loss treatment applies.
• Both parties to the disposal are treated as if the property were acquired for a consideration that ensures no chargeable gain or allowable loss arises on the transfer.
• A registered Northern Ireland housing association means a registered housing association as defined in Part VII of the Housing (Northern Ireland) Order 1981.