Taxation of Chargeable Gains Act 1992 section 28A

Contracts completed after ordinary notification period

Section 28A deals with what happens when an asset is physically conveyed or transferred after the normal tax notification deadline for the period in which the disposal technically took place under the contract.

• Under section 28, a disposal is treated as occurring when the contract is made, but the actual conveyance or transfer of the asset may happen much later — potentially after the normal notification period has expired.
• Where the conveyance or transfer takes place after the ordinary notification period, the relevant time limits for notifying chargeability, making assessments, and submitting claims are reset to run from the period in which the actual conveyance or transfer occurs, rather than the period in which the contract was made.
• The ordinary notification period is six months after the end of the tax year for capital gains tax purposes, and twelve months after the end of the accounting period for corporation tax purposes.
• Where any claim, election, application or notice is made or varied as a result of this section, HMRC must make all necessary adjustments — including repayments, amendments or further assessments — to ensure that every affected person's tax liability is correctly calculated.