Taxation of Chargeable Gains Act 1992
Sections and provisions with full text and the judgments that cite each one.
Section 38 — Acquisition and disposal costs etc.
Acquisition and disposal costs etc. 38 1 Except as otherwise expressly provided, the sums allowable as a deduction from the consideration in the computation of the gain accruing to a person on the…
Section 39 — Exclusion of expenditure by reference to tax on income.
Exclusion of expenditure by reference to tax on income. 39 1 There shall be excluded from the sums allowable under section 38 as a deduction in the computation of the gain any expenditure allowable…
Section 39A — Exclusion of certain expenditure: structures and buildings allowances
Exclusion of certain expenditure: structures and buildings allowances 39A 1 This section applies if— a a person disposes of an asset to a connected person, b the asset is, or is an interest in, a…
Section 40 — Interest charged to capital.
Interest charged to capital. 40 1 Where— a a company incurs expenditure on the construction of any building, structure or works, being expenditure allowable as a deduction under section 38 in…
Section 41 — Restriction of losses by reference to capital allowances and renewals allowances.
Restriction of losses by reference to capital allowances and renewals allowances. 41 1 Section 39 shall not require the exclusion from the sums allowable as a deduction in the computation of the gain…
Section 41A — Restriction of losses: long funding leases of plant or machinery
Restriction of losses: long funding leases of plant or machinery 41A 1 This section applies where a person disposes of an asset— a which includes plant or machinery which is a fixture for the…
Section 42 — Part disposals.
Part disposals. 42 1 Where a person disposes of an interest or right in or over an asset, and generally wherever on the disposal of an asset any description of property derived from that asset…
Section 43 — Assets derived from other assets.
Assets derived from other assets. 43 If and so far as, in a case where assets have been merged or divided or have changed their nature or rights or interests in or over assets have been created or…
Section 44 — Meaning of “wasting asset".
Meaning of “wasting asset". 44 1 In this Chapter “ wasting asset ” means an asset with a predictable life not exceeding 50 years but so that— a freehold land shall not be a wasting asset whatever its…
Section 45 — Exemption for certain wasting assets.
Exemption for certain wasting assets. 45 1 Subject to the provisions of this section, no chargeable gain shall accrue on the disposal of, or of an interest in, an asset which is tangible movable…
Section 46 — Straightline restriction of allowable expenditure.
Straightline restriction of allowable expenditure. 46 1 In the computation of the gain accruing on the disposal of a wasting asset it shall be assumed— a that any expenditure attributable to the…
Section 47 — Wasting assets qualifying for capital allowances.
Wasting assets qualifying for capital allowances. 47 1 Section 46 shall not apply in relation to a disposal of an asset— a which, from the beginning of the period of ownership of the person making…
Section 47A — Exemption for certain disposals under, or after leaving, cash basis
Exemption for certain disposals under, or after leaving, cash basis 47A 1 No chargeable gain shall accrue on the disposal of, or of an interest in, an asset if conditions A, B and D are met in…
Section 47B — Disposals made by persons after leaving cash basis
Disposals made by persons after leaving cash basis 47B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 48 — Consideration due after time of disposal.
Consideration due after time of disposal. 48 1 In the computation of the gain consideration for the disposal shall be brought into account without any discount for postponement of the right to…
Section 48A — Unascertainable consideration
Unascertainable consideration 48A 1 This section applies where— a a person (“P”) has made a disposal (“the original disposal”) on which a relevant non-resident gain or relevant non-resident loss…
Section 49 — Contingent liabilities.
Contingent liabilities. 49 1 In the first instance no allowance shall be made in the computation of the gain— a in the case of a disposal by way of assigning a lease of land or other property, for…
Section 50 — Expenditure reimbursed out of public money.
Expenditure reimbursed out of public money. 50 There shall be excluded from the computation of a gain any expenditure which has been or is to be met directly or indirectly by the Crown or by any…
Section 51 — Exemption for winnings and damages etc.
Exemption for winnings and damages etc. 51 1 It is hereby declared that winnings from betting, including pool betting, or lotteries or games with prizes are not chargeable gains, and no chargeable…
Section 52 — Supplemental.
Supplemental. 52 1 No deduction shall be allowable in a computation of the gain more than once from any sum or from more than one sum. 2 References in this Chapter to sums taken into account as…
Section 52A — Chapter to apply only for corporation tax purposes
Chapter to apply only for corporation tax purposes 52A This Chapter applies only for the purposes of corporation tax.
Section 53 — The indexation allowance and interpretative provisions.
The indexation allowance and interpretative provisions. 53 1 Subject to any provision to the contrary, if on the disposal of an asset there is an unindexed gain, an allowance (“ the indexation…
Section 54 — Calculation of indexation allowance.
Calculation of indexation allowance. 54 1 Subject to any provision to the contrary, the indexation allowance is the aggregate of the indexed rise in each item of relevant allowable expenditure; and,…
Section 55 — Assets owned on 31st March 1982 or acquired on a no gain/no loss disposal.
Assets owned on 31st March 1982 or acquired on a no gain/no loss disposal. 55 1 For the purpose of computing the indexation allowance on a disposal of an asset where, on 31st March 1982, the asset…
Section 56 — Part disposals and disposals on a no-gain/no-loss basis.
Part disposals and disposals on a no-gain/no-loss basis. 56 1 For the purpose of determining the indexation allowance (if any) on the occasion of a part disposal of an asset, the apportionment under…
Section 57 — Receipts etc. which are not treated as disposals but affect relevant allowable expenditure.
Receipts etc. which are not treated as disposals but affect relevant allowable expenditure. 57 1 This section applies where, in determining the relevant allowable expenditure in relation to a…
Section 57A — Gains and losses on relevant high value disposals
Gains and losses on relevant high value disposals 57A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 57B — Gains and losses on non-resident CGT disposals
Gains and losses on non-resident CGT disposals 57B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 57C — Gains and losses on disposals of residential property interests
Gains and losses on disposals of residential property interests 57C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 58 — Spouses and civil partners .
Spouses and civil partners . 58 1A If an individual (“ A ”) disposes of an asset to another individual (“ B ”) in circumstances where any of subsections (1B) to (1D) applies, A and B are to be…
Section 59 — Partnerships.
Partnerships. 59 1 Where 2 or more persons carry on a trade or business in partnership— a tax in respect of chargeable gains accruing to them on the disposal of any partnership assets shall, in…
Section 59A — Limited liability partnerships.
Limited liability partnerships. 59A 1 Where a limited liability partnership carries on a trade or business with a view to profit— a assets held by the limited liability partnership are treated for…
Section 59AA — Limited liability partnerships: deemed disposal
Limited liability partnerships: deemed disposal 59AA 1 This section applies where— a a member of a limited liability partnership (the “LLP”) contributed an asset to the LLP in circumstances where…
Section 59B — Alternative investment fund managers (1)
Alternative investment fund managers (1) 59B 1 Subsection (2) applies if— a under section 863I of ITTOIA 2005, a partner (“P”) in a partnership allocates to the partnership an amount of profit (“the…
Section 59C — Alternative investment managers (2)
Alternative investment managers (2) 59C 1 Subsection (2) applies if— a under section 863I of ITTOIA 2005, a partner (“P”) in a partnership allocates to the partnership an amount of profit (“the…
Section 60 — Nominees and bare trustees.
Nominees and bare trustees. 60 1 In relation to property held by a person as nominee for another person, or as trustee for another person absolutely entitled as against the trustee, or for any person…
Section 61 — Funds in court.
Funds in court. 61 1 For the purposes of section 60, funds in court held by the Accountant General shall be regarded as held by him as nominee for the persons entitled to or interested in the funds,…
Section 62 — Death: general provisions.
Death: general provisions. 62 1 For the purposes of this Act the assets of which a deceased person was competent to dispose— a shall be deemed to be acquired on his death by the personal…
Section 63 — Death: application of law in Scotland.
Death: application of law in Scotland. 63 1 The provisions of this Act, so far as relating to the consequences of the death of ... a proper liferenter of any property, shall have effect subject to…
Section 63A — Death: application of law in Northern Ireland
Death: application of law in Northern Ireland 63A 1 The provisions of this Act, so far as relating to the consequences of the death of a person to whom property in Northern Ireland stands limited for…
Section 64 — Expenses in administration of estates and trusts.
Expenses in administration of estates and trusts. 64 1 In the case of a gain accruing to a person on the disposal of, or of a right or interest in or over, an asset held by another person as trustee,…
Section 65 — Liability for tax of trustees or personal representatives.
Liability for tax of trustees or personal representatives. 65 1 Subject to subsection (3) below, capital gains tax chargeable in respect of chargeable gains accruing to the trustees of a settlement…
Section 66 — Insolvents’ assets.
Insolvents’ assets. 66 1 In relation to assets held by a person as trustee or assignee in bankruptcy or under a deed of arrangement this Act shall apply as if the assets were vested in, and the acts…
Section 67 — Provisions applicable where section 79 of the Finance Act 1980 has applied.
Provisions applicable where section 79 of the Finance Act 1980 has applied. 67 1 In this section “ a claim ” means a claim under section 79 of the Finance Act 1980 (“ section 79 ”) and “ relief ”…
Section 68 — Meaning of “settled property".
Meaning of “settled property". 68 In this Act, unless the context otherwise requires, “ settled property ” means any property held in trust other than property to which section 60 applies (and…
Section 68A — Meaning of “settlor”
Meaning of “settlor” 68A 1 In this Act, unless the context otherwise requires— a “ settlor ” in relation to a settlement means the person, or any of the persons, who has made, or is treated for the…
Section 68B — Transfer between settlements: identification of settlor
Transfer between settlements: identification of settlor 68B 1 This section applies in relation to a transfer of property from the trustees of one settlement (“Settlement 1”) to the trustees of…
Section 68C — Variation of will or intestacy, etc: identification of settlor
Variation of will or intestacy, etc: identification of settlor 68C 1 This section applies where— a a disposition of property following a person's death is varied, and b section 62(6) applies in…
Section 69 — Trustees of settlements.
Trustees of settlements. 69 1 For the purposes of this Act the trustees of a settlement shall, unless the context otherwise requires, together be treated as if they were a single person (distinct…
Section 69A — Sub-fund settlements
Sub-fund settlements 69A Schedule 4ZA (which makes provision about sub-fund settlements) shall have effect.