Section 275C — Taxation of Chargeable Gains Act 1992: Location of assets: interests of co-owners

Location of assets: interests of co-owners 275C 1 This section applies for determining for the purposes of this Act—

a the situation of an interest (see subsection (4)) in an asset, or b whether the situation of an interest in an asset is in the United Kingdom.

2 The situation of the interest in the asset shall be taken to be the same as the situation of the asset, as determined in accordance with subsection (3) below.

3 The situation of the asset for the purposes of subsection (2) above shall be determined on the assumption that the asset is wholly-owned by the person holding the interest in the asset.

4 In this section “ interest ”, in relation to an asset, means an interest as a co-owner of the asset (whether the asset is owned jointly or in common and whether or not the interests of the co-owners are equal).