Taxes Management Act 1970 section 77

Application of Part VII to capital gains tax

Section 77 extends the rules about persons chargeable in a representative capacity (such as trustees, agents and receivers) to capital gains tax, with a key limitation preserving the identity of the person to whom gains accrue.

• Part VII of the Taxes Management Act 1970, which deals with persons chargeable in a representative capacity, applies to capital gains tax as well as income tax
• Section 76 (which provides protection for certain trustees, agents and receivers) is excluded from this extension to capital gains tax
• Any necessary modifications may be made when applying these representative capacity rules to capital gains tax
• The extension does not alter who is treated as the person to whom chargeable gains accrue, nor does it affect any exemptions or the rate at which capital gains tax is charged