Tax

Relief from income tax and capital gains tax
13
1
Regulations may make provision for and in connection with giving relief from—
a
income tax, and
b
capital gains tax,
in respect of investments under child trust funds.
2
The regulations may, in particular, include—
a
provision for securing that losses are disregarded for the purposes of capital gains tax where they accrue on the disposal of investments under child trust funds, and
b
provision dealing with anything which, apart from the regulations, would have been regarded for those purposes as an indistinguishable part of the same asset.
3
The regulations may specify how tax relief is to be claimed by persons entitled to it or by account providers on their behalf.
4
The regulations may include provision requiring that, in circumstances prescribed by the regulations, the person prescribed by the regulations is to account to the Inland Revenue for—
a
tax from which relief has been given under the regulations, and
b
income or gains arising in consequence of the giving of relief under the regulations,
or for an amount determined in accordance with the regulations in respect of such tax.
5
Provision made by virtue of this section may disapply, or modify the effect of, any enactment relating to income tax or capital gains tax.