Taxation of Chargeable Gains Act 1992

Sections and provisions with full text and the judgments that cite each one.

Section 1 — Capital gains tax

Capital gains tax 1 1 Capital gains tax is charged for a tax year on chargeable gains accruing in the year to a person on the disposal of assets. 2 As a result of section 4 of CTA 2009, capital gains…

Section 1A — Territorial scope

Territorial scope 1A 1 A person who is UK resident for a tax year is chargeable to capital gains tax on chargeable gains accruing to the person in the tax year on the disposal of assets wherever…

Section 1B — Non-UK residents: UK branch or agency

Non-UK residents: UK branch or agency 1B 1 For the purposes of section 1A(3)(a) a person has a UK branch or agency at any time if, at that time, the person carries on a trade, profession or vocation…

Section 1C — Non-UK residents: disposing of an “interest in UK land”

Non-UK residents: disposing of an “interest in UK land” 1C 1 For the purposes of section 1A(3)(b) an “ interest in UK land ” means— a an estate, interest, right or power in or over land in the United…

Section 1D — Non-UK residents: assets deriving 75% of value from UK land etc

Non-UK residents: assets deriving 75% of value from UK land etc 1D 1 For the purposes of section 1A(3)(c) the following questions are determined in accordance with the provision made by Schedule 1A—…

Section 1E — Losses deductible only when within scope of tax etc

Losses deductible only when within scope of tax etc 1E 1 A loss is not an allowable loss if it accrues in a tax year at a time when, had a gain accrued instead, the gain would not have been…

Section 1F — Allowable losses to be used in most beneficial way etc

Allowable losses to be used in most beneficial way etc 1F 1 Allowable losses may (subject to express provision to the contrary) be deducted from gains in whichever way is most beneficial to a person…

Section 1G — Gains accruing to UK resident individuals in split years

Gains accruing to UK resident individuals in split years 1G 1 If, as respects any individual, a tax year is a split year, sections 1A(1) and 1E have effect subject to the modifications made by this…

Section 1H — The main rates of CGT

The main rates of CGT 1H 1 This section makes provision about the rates at which capital gains tax is charged but has effect subject to— a section 169N ( business asset disposal relief : rate of 18%…

Section 1I — Income taxed at higher rates or gains exceeding unused basic rate band

Income taxed at higher rates or gains exceeding unused basic rate band 1I A1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 If any of an individual's income for a tax year is…

Section 1J — Section 1I: definitions and other supplementary provision

Section 1I: definitions and other supplementary provision 1J 1 For the purposes of section 1I— a “ higher income tax rate ” means— the higher rate or the default higher rate, the property higher…

Section 1K — Annual exempt amount

Annual exempt amount 1K 1 If an individual is (or, apart from this section, would be) chargeable to capital gains tax for a tax year on chargeable gains, the annual exempt amount for the year is to…

Section 1L — Increasing annual exempt amount to reflect increases in CPI

Increasing annual exempt amount to reflect increases in CPI 1L . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 1M — Temporary non-residents

Temporary non-residents 1M 1 If, in the case of the disposal of an asset by an individual who is temporarily non-resident— a a gain or loss accrues to the individual in the temporary period of…

Section 1N — Section 1M(1): assets acquired in temporary period of non-residence

Section 1M(1): assets acquired in temporary period of non-residence 1N 1 An asset is excluded from section 1M(1) if— a it was acquired by the individual in the temporary period of non-residence, b…

Section 1O — Definitions used in Chapter

Definitions used in Chapter 1O In this Chapter any reference to a person who is, or is not, “ UK resident ” is to be read in accordance with section 1A(4).

Section 2 — Corporation tax on chargeable gains

Corporation tax on chargeable gains 2 1 As a result of section 2(1) and (2) of CTA 2009, corporation tax is charged on chargeable gains accruing to a company on the disposal of assets. 2 The charge…

Section 2A — Company's total profits to include chargeable gains

Company's total profits to include chargeable gains 2A 1 The amount of chargeable gains to be included in a company's total profits for an accounting period is the total amount of chargeable gains…

Section 2B — Territorial scope of charge to corporation tax on chargeable gains

Territorial scope of charge to corporation tax on chargeable gains 2B 1 A company which is resident in the United Kingdom in an accounting period is chargeable to corporation tax on chargeable gains…

Section 2C — Non-UK resident company with UK permanent establishment

Non-UK resident company with UK permanent establishment 2C 1 For the purposes of section 2B(3) a company has a UK permanent establishment at any time if, at that time, the company carries on a trade…

Section 2D — Application of CGT principles in calculating gains and losses

Application of CGT principles in calculating gains and losses 2D 1 The total amount of chargeable gains to be included in a company's total profits for an accounting period is calculated for…

Section 2E — References to income tax or Income Tax Acts in case of companies

References to income tax or Income Tax Acts in case of companies 2E 1 If the CGT enactments contain any reference to— a income tax, or b the Income Tax Acts, the reference is, in relation to a…

Section 2F — Interaction of capital gains tax and corporation tax

Interaction of capital gains tax and corporation tax 2F 1 This Act as it has effect in accordance with this Chapter is not to be affected in its operation by the fact that capital gains tax and…

Section 2G — Assets of a company vested in a liquidator

Assets of a company vested in a liquidator 2G 1 If assets of a company are vested in a liquidator— a this Chapter, and b the enactments applied by this Chapter, apply as if the assets were vested in…

Section 3 — Gains attributed to UK resident individuals etc

Gains attributed to UK resident individuals etc 3 1 This section applies if— a a chargeable gain accrues at any time to a non-UK resident close company, b the gain is connected to avoidance (see…

Section 3A — Gains connected to avoidance or foreign activities etc

Gains connected to avoidance or foreign activities etc 3A 1 A gain accruing to a company on the disposal of an asset is taken to be “connected to avoidance” unless it is shown that neither— a the…

Section 3B — Participators and their interests

Participators and their interests 3B 1 “ Participator ” has the meaning given by section 454 of CTA 2010. 2 Any reference to a person's interest as a participator in a company is to the interest in…

Section 3C — Prevention of double UK taxation

Prevention of double UK taxation 3C 1 If— a an amount of tax is paid by a person as a result of section 3 in respect of a gain, and b there is a distribution of an amount in respect of the gain…

Section 3D — Individuals who were non-UK domiciled

Individuals who were non-UK domiciled 3D 1 This section applies if, as a result of section 3, an amount in respect of a gain accruing to a company in tax year 2024-25 or an earlier tax year was…

Section 3E — Temporary non-residents

Temporary non-residents 3E 1 This section applies if— a an individual is temporarily non-resident, and b a gain or loss accrues to a company in a tax year falling wholly or partly in the temporary…

Section 3F — Non-resident groups of companies

Non-resident groups of companies 3F 1 This section applies, for the purposes of section 3, certain provisions of this Act (modified as mentioned below) in relation to non-resident companies which are…

Section 3G — Supplementary provisions

Supplementary provisions 3G 1 If tax payable by a person (“P”) as a result of section 3 is paid by— a the company (“C”) to which the gain accrues, or b a company by reference to which P is regarded…

Section 4 — Rates of capital gains tax

Rates of capital gains tax 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 4A — Section 4: special cases

Section 4: special cases 4A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 4BA — Rates, and use of unused basic rate band, in certain cases

Rates, and use of unused basic rate band, in certain cases 4BA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 4B — Deduction of losses etc in most beneficial way

Deduction of losses etc in most beneficial way 4B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 4BB — Residential property gain or loss

Residential property gain or loss 4BB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 5 — Accumulation and discretionary settlements.

Accumulation and discretionary settlements. 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 6 — Other special cases.

Other special cases. 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 7 — Time for payment of tax.

Time for payment of tax. 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 7A — Overseas life insurance companies

Overseas life insurance companies 7A 1 Paragraph 6 does not apply if— a the person making the disposal (“D”) is an overseas life insurance company or would be such a company if it were carrying on…

Section 7B — Offshore collective investment vehicles (other than UK feeder vehicles) that meet the conditions in paragraph 7(2)(a) and (b)

Offshore collective investment vehicles (other than UK feeder vehicles) that meet the conditions in paragraph 7(2)(a) and (b) 7B 1 Paragraph 6 does not apply if— a the person making the disposal is…