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Taxation of Chargeable Gains Act 1992, Cross Heading: Prevention of multiple charges is up to date with all changes known to be in force on or before 26 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Textual Amendments
F1Pt. 1 substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 2
(1)If—
(a)an amount of tax is paid by a person as a result of section 3 in respect of a gain, and
(b)there is a distribution of an amount in respect of the gain before the end of the relevant period,
the amount of tax is applied so as to reduce or extinguish any liability of the person to tax in respect of the distribution.
(2)For the purposes of subsection (1)—
(a)the distribution is one made by way of dividend or distribution of capital or on the dissolution of the company,
(b)the tax in respect of the distribution is income tax, corporation tax or capital gains tax, and
(c)in determining the liability to tax of any individual in respect of any distribution for a tax year it is to be assumed that the distribution is the highest part of the individual's income for the year.
(3)For the purposes of subsection (1) “the relevant period” means the period of 3 years from the end of whichever of the following periods is earlier—
(a)the period of account of the company in which the gain accrued, and
(b)the period of 12 months beginning with the date on which the gain accrued.
(4)The amount of tax paid by a person as a result of section 3 is allowable as a deduction in calculating a chargeable gain accruing on the disposal by the person of any asset representing the person's interest as a participator in the company.
(5)An amount of tax—
(a)is not to be used more than once under this section (whether to reduce or extinguish a liability or as a deduction or a combination of those things), and
(b)is not to be applied if it is reimbursed by the company.]
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