53(1)A gain accruing to a QAHC on a disposal of overseas land or qualifying shares is not a chargeable gain.
(2)“” means any shares apart from shares whose disposal would, in accordance with Part 2 of Schedule 1A to TCGA 1992 (whether asset derives at least 75% of its value from UK land), be regarded as a disposal of an asset deriving at least 75% of its value from UK land.
(3)For the purposes of sub-paragraph (2), “” includes—
(a)stock;
(b)any other interest of a member in a company (including a company that has no share capital);
(c)any interest as co-owner of shares (whether the shares are owned jointly or in common and whether or not the interests of the co-owners are equal);
(d)rights of unit holders in unit trust schemes that are treated as if they were shares for the purposes of TCGA 1992 as a result of section 99(1) of that Act;
(e)units in tax transparent funds that are treated as assets for the purposes of that Act as a result of section 103D(3) of that Act;
(f)any derivative contract to the extent that the underlying subject matter of the contract is shares.
(4)In this paragraph—
[F1“derivative contract” means—
a derivative contract within the meaning of Part 7 of CTA 2009 (see section 576 of that Act), or
a contract which is not a derivative contract within the meaning of that Part only as a result of section 589(2)(b) of that Act (general exclusion of contracts whose underlying subject matter consists of shares);]
“unit trust scheme” and “unit holder” have the meaning they have in section 99 of TCGA 1992;
“tax transparent fund” and “units” in relation to such a fund have the meaning they have in section 103D of that Act.
Textual Amendments
F1Words in Sch. 2 para. 53(4) inserted (retrospectively) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 14