Taxation of Chargeable Gains Act 1992
Section 190: Tax recoverable from another group company or controlling director
3397.The definition of “director” in section 190(13) of TCGA refers to section 168(8) of ICTA, which has been rewritten and repealed. Accordingly, the amendment to that subsection refers not only to section 452, which is based on section 417(5) of ICTA, but also to section 67(1) and (2) of ITEPA, which are based on section 168(8) of ICTA.
Section 217D: Industrial and provident societies and co-operatives
3398.Section 217D of TCGA rewrites and relocates the provisions in section 486(8), (9) and (12) of ICTA which are about corporation tax on chargeable gains.
Sections 256, 256A, 256B, 256C, 256D: Charities and gifts of non-business assets etc
3399.The separation between income tax and corporation tax also results in a separation of the legislation giving relief from tax for charities. Bodies constituted as charitable trusts are within the charge to income tax and capital gains tax while those constituted as companies or other forms of body corporate are within the charge to corporation tax.
3400.ITA amended section 256 of TCGA and inserted sections 256A and 256B to make specific provision for charitable trusts. This Act completes the process by making specific provision for charitable companies by amendment to section 256 and by the insertion of sections 256C and 256D. See the commentary on section 493.
Section 257: Gifts to charities etc
3401.This amendment extends the relief given by section 257 of TCGA to gifts to a registered club. See commentary on Chapter 9 of Part 13. It is based on paragraph 9(3) of Schedule 18 to FA 2002.
