For the year 1993-94 section 3 of the M1Taxation of Chargeable Gains Act 1992 (annual exempt amount) shall have effect as if the amount specified in subsection (2) were £5,800, and accordingly subsection (3) of that section (indexation) shall not apply for that year.
Marginal Citations
(1)In section 3(3) of the M2Taxation of Chargeable Gains Act 1992 (indexation of annual exempt amount) for “December” (in each place) there shall be substituted “ September ”.
(2)This section shall have effect for the year 1994-95 and subsequent years of assessment.
Marginal Citations
(1)In section 117 of the Taxation of Chargeable Gains Act 1992 (meaning of qualifying corporate bond), after subsection (6) there shall be inserted the following subsection—
“(6A)For the purposes of this section “corporate bond” also includes, except in relation to a person who acquires it on or after a disposal in relation to which section 115 has or has had effect in accordance with section 116(10)(c), any debenture issued on or after 16th March 1993 which is not a security (as defined in section 132) but—
(a)is issued in circumstances such that it would fall by virtue of section 251(6) to be treated for the purposes of section 251 as such a security; and
(b)would be a corporate bond if it were a security as so defined.”
(2)In section 251 of that Act (general provisions in relation to debts), after subsection (5) there shall be inserted the following subsection—
“(6)For the purposes of this section a debenture issued by any company on or after 16th March 1993 shall be deemed to be a security (as defined in section 132) if—
(a)it is issued on a reorganisation (as defined in section 126(1)) or in pursuance of its allotment on any such reorganisation;
(b)it is issued in exchange for shares in or debentures of another company and in a case unaffected by section 137 where one or more of the conditions mentioned in paragraphs (a) to (c) of section 135(1) is satisfied in relation to the exchange;
(c)it is issued under any such arrangements as are mentioned in subsection (1)(a) of section 136 and in a case unaffected by section 137 where section 136 requires shares or debentures in another company to be treated as exchanged for, or for anything that includes, that debenture; or
(d)it is issued in pursuance of rights attached to any debenture issued on or after 16th March 1993 and falling within paragraph (a), (b) or (c) above.”
(3)This section shall have effect in relation to any chargeable period ending on or after 16th March 1993 but, in relation to any accounting period of a company which began before 6th April 1992, this section shall have effect as if the references in this section, and in the amendments made by this section, to provisions of the Taxation of Chargeable Gains Act 1992 were references to such of the provisions of the M3Capital Gains Tax Act 1979 and the M4Finance Act 1984 as correspond to those provisions and have effect in relation to that accounting period.
After subsection (3) of section 151 of the Taxation of Chargeable Gains Act 1992 (personal equity plans) there shall be inserted the following subsection—
“(4)Regulations under this section may include provision which, for cases where a person subscribes to a plan by transferring or renouncing shares or rights to shares—
(a)modifies the effect of this Act in relation to their acquisition and their transfer or renunciation; and
(b)makes consequential modifications of the effect of this Act in relation to anything which (apart from the regulations) would have been regarded on or after their acquisition as an indistinguishable part of the same asset.”
(1)In section 155 of the M5Taxation of Chargeable Gains Act 1992 (classes of assets for the purposes of roll-over relief), after Class 5 there shall be inserted—
Ewe and suckler cow premium quotas (that is, rights in respect of any ewes or suckler cows to receive payments by way of any subsidy entitlement to which is determined by reference to limits contained in a Community instrument).”
(2)The Treasury may by order made by statutory instrument amend that section so as to add one or more further classes of assets to the classes specified in that section.
Any such order may make such consequential amendments [F1of—
(a)Schedule 7AB to the Taxation of Chargeable Gains Act 1992, or
(b)paragraph 132 of Schedule 29 to the Finance Act 2002,
as appear to the Treasury to be appropriate.]
(3)A statutory instrument containing an order under subsection (2) above shall be subject to annulment in pursuance of a resolution of the House of Commons.
(4)Subsection (1) above shall apply where the disposal of the old assets (or an interest in them) or the acquisition of the new assets (or an interest in them) is on or after 1st January 1993; but, in relation to any accounting period of a company which began before 6th April 1992, subsection (1) above shall have effect as if the inserted class were numbered 5 and were inserted after Class 4 in section 118 of the M6Capital Gains Tax Act 1979.
Textual Amendments
F1Words in s. 86(2) substituted (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), s. 41(5)
Marginal Citations
(1)Schedule 7 to this Act (which amends the provisions of the Taxation of Chargeable Gains Act 1992 with respect to retirement relief and makes new provision in relation to relief on the re-investment of certain gains) shall have effect.
(2)This section and that Schedule shall have effect in relation to any disposal made on or after 16th March 1993.
(1)After section 177 of the Taxation of Chargeable Gains Act 1992 there shall be inserted the following section—
Schedule 7A to this Act (which makes provision in relation to losses accruing to a company before the time when it becomes a member of a group of companies and losses accruing on assets held by any company at such a time) shall have effect.”
(2)The Schedule set out in Schedule 8 to this Act shall be inserted after Schedule 7 to that Act.
(3)This section and that Schedule—
(a)shall apply for the calculation of the amount to be included in respect of chargeable gains in a company’s total profits for any accounting period ending on or after 16th March 1993; but
(b)shall so apply only in relation to the deduction from chargeable gains accruing on or after 16th March 1993 of amounts in respect of, or of amounts carried forward in respect of—
(i)pre-entry losses accruing before it became a member of the relevant group to a company whose membership of that group began or begins at a time on or after 1st April 1987; and
(ii)losses accruing on the disposal of any assets so far as it is by reference to such a company that the assets fall to be treated as being or having been pre-entry assets or assets incorporating a part referable to pre-entry assets.
(4)In relation to accounting periods beginning before 6th April 1992 this section and that Schedule shall have effect as if—
(a)the section and Schedule inserted by subsections (1) and (2) above were inserted in the M7Capital Gains Tax Act 1979; and
(b)references in the Schedule so inserted to provisions of the M8Taxation of Chargeable Gains Act 1992 were references to such of the provisions of that Act of 1979 or of any other enactment as correspond to the provisions referred to and have effect in relation to that accounting period.
(1)In section 179(4) of the Taxation of Chargeable Gains Act 1992 (time at which de-grouping charges accrue), for the words from “as follows” onwards there shall be substituted “at whichever is the later of the following, that is to say—
(a)the time immediately after the beginning of the accounting period of that company in which or, as the case may be, at the end of which the company ceases to be a member of the group; and
(b)the time when under subsection (3) above it is treated as having reacquired the asset;
and subsection (2) of section 409 of the Taxes Act (group relief) shall require any apportionment under that subsection to be made accordingly but shall not require any reference in this subsection to an accounting period to have effect for any of the purposes specified in subsection (3) of that section as a reference to any accounting period other than a true accounting period. ”
(2)This section shall have effect in relation to accounting periods ending after the day appointed for the purposes of section 180(1)(b) of that Act.
Textual Amendments
F2S. 90 repealed (28.7.2000 with effect as mentioned in Sch. 40 Pt. II(12), note 10 of the amending Act) by 2000 c. 17, s. 156, Sch. 40 Pt. II(12)
(1)Section 212 of the Taxation of Chargeable Gains Act 1992 (annual deemed disposal by insurance companies of unit trusts) shall have effect in relation to accounting periods beginning on or after 1st January 1993; and neither that section nor section 46 of the M9Finance Act 1990 (which is consolidated in that section) shall have effect in relation to any earlier accounting period in relation to which either of them would have applied apart from this subsection.
(2)In relation to any accounting period beginning on or after 1st January 1993—
(a)section 432A of the Taxes Act 1988 shall have effect with the omission of subsection (10) (which disapplies the apportionment rules in that section in the case of a deemed disposal under section 212 of that Act of 1992); and
(b)that section 212 shall have effect with the omission, in subsection (2), of the words from “and in relation to” onwards and of subsections (3), (4) and (6) (which provide for a different apportionment rule in the case of the deemed disposal).
(3)In subsection (7) of that section 212, in the words after paragraph (b) (application of definitions in the Taxes Act 1988), for “and 214” there shall be substituted “ to 214A ”.
(4)After section 213(1) of that Act of 1992 (spreading of gains and losses), there shall be inserted the following subsection—
“(1A)Subsection (1) above shall not apply to chargeable gains or allowable losses except so far as they are gains or losses which—
(a)are referable to basic life assurance and general annuity business; or
(b)would (apart from that subsection) be taken into account in computing the profits of any business treated as a separate business under section 458 of the Taxes Act;
and that subsection shall apply separately in relation to the gains and losses falling within paragraph (a) above and those falling within paragraph (b) above for the purpose of determining what chargeable gains or allowable losses so referable are to be treated as accruing under that subsection and what chargeable gains or allowable losses to be so taken into account are to be treated as so accruing.”
F3(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3S. 91(5) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(10)
F4S. 91(6) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(10)
Marginal Citations