Taxes Management Act 1970

12 Information about chargeable gains

(1) Sections 7 and 8 of this Act shall apply in relation to capital gains tax as they apply in relation to income tax at the standard rate, and subject to any necessary modifications.

(2) A notice under section 8 or section 11 of this Act may require particulars of any assets acquired by the person on whom the notice was served (or if the notice relates to income or chargeable gains of some other person, of any assets acquired by that other person) in the period specified in the notice (being a period beginning not earlier than 6th April 1965) but excluding—

(a) any assets exempted by section 27 of the [1965 c. 25.] Finance Act 1965 (miscellaneous exemptions), without subsection (2) of that section, or

(b) unless the amount or value of the consideration for its acquisition exceeded £1,000, any asset which is tangible movable property and is not within the exceptions in section 30(6) of the said Act (terminal markets and currency), or

(c) any assets acquired as trading stock.

(3) The particulars required under this section may include particulars of the person from whom the asset was acquired, and of the consideration for the acquisition.

(4) A return of income of a partnership under section 9 of this Act shall include—

(a) with respect to any disposal of partnership property during a period to which any part of the return relates, the like particulars as if the partnership were liable to tax on any chargeable gain accruing on the disposal, and

(b) with respect to any acquisition of partnership property, the particulars required under subsection (2) above.

(5) In this section " trading stock " has the meaning given by section 137(4) of the principal Act.