Finance Act 2005

Vulnerable person’s deemed CGT taxable amount

3 (1) The “vulnerable person’s deemed CGT taxable amount” for the tax year means the sum of—

(a) the vulnerable person’s taxable amount for the tax year for the purposes of section 3 of TCGA 1992 calculated by reference only to actual gains and actual losses, and

(b) the vulnerable person’s taxable amount for the tax year for the purposes of that section calculated by reference only to assumed gains and assumed losses.

(2) But in calculating the taxable amount under sub-paragraph (1)(b)—

(a) no deduction is to be made under section 2(2)(b) of TCGA 1992, and

(b) the words “except as provided by section 62” in section 2(3) of that Act are to be disregarded.

(3) In determining the vulnerable person’s deemed CGT taxable amount for the tax year any claims or elections made in relation to any assumed gains of the vulnerable person are to be disregarded.

(4) In this paragraph—

(a) “actual gains” and “actual losses” have the meanings given in paragraph 5, and

(b) “assumed gains” and “assumed losses” have the meanings given in paragraph 6.