2011 No. 23 (C. 2)
Capital Gains Tax
The Finance Act 2008, Section 39(7) (Commencement) Order 2011
Made
The Treasury make the following Order in exercise of the powers conferred by section 39(8) of the Finance Act 20081:
Citation1.
This Order may be cited as the Finance Act 2008, Section 39(7) (Commencement) Order 2011.
Appointed Day2.
The day appointed for the coming into force of section 39(7) of the Finance Act 2008 is 1st February 2011.
Michael Fabricant
James Duddridge
Two of the Lords Commissioners of Her Majesty’s Treasury
EXPLANATORY NOTE
(This note is not part of the Order)
This Order brings into force section 39(7) of the Finance Act 2008 (c. 9) which inserted a new section, section 26A, in the Taxation of Chargeable Gains Act 1992 (c. 12). Section 26A deals with dormant bank or building society accounts (under the Dormant Bank and Building Society Accounts Act 2008 (c. 31)) and provides that the transfer of the balance of a dormant account to an authorised reclaim fund (or such a fund and one or more charities) is not to be treated as the disposal or acquisition of an asset.