Section 275B — Taxation of Chargeable Gains Act 1992: Section 275A: supplementary provisions

Section 275A: supplementary provisions 275B 1 For the purposes of section 275A, the situation of an asset is not otherwise determined if, apart from that section, this Act does not make any provision for determining—

a the situation of the asset, or b whether the situation of the asset is in the United Kingdom.

2 For the purposes of section 275A, an intangible asset is subject to UK law at a particular time if any right or interest which comprises or forms part of the asset is, at that time,—

a governed by, or otherwise subject to, or b enforceable under, the law of any part of the United Kingdom.

3 In section 275A— “ future ” has the meaning given by section 581 of CTA 2009, and “ option ” has the meaning given by section 580 of that Act.

4 For the purposes of section 275A—

a the underlying subject matter of a future is the property which, if the future were to run to delivery, would fall to be delivered at the date and price agreed when the contract is made, and b the underlying subject matter of an option is the property which would fall to be delivered if the option were exercised.

5 Section 275A is subject to section 275C (location of assets: interests of co-owners).

6 This section is to be construed as one with section 275A.