Capital Gains Tax Act 1979 (repealed 6.3.1992) (Version in vigour from 1992-04-06 to )

Consolidated Text

As Enacted

Cited authorities 88

Cited in

Currency	No known outstanding effects
Coming into Force	06 April 1992

Contenidos

Capital Gains Tax Act 1979 (repealed 6.3.1992)
Part I: General

Capital gains tax and corporation tax

1: Taxation of capital gains.

Capital gains tax

2: Persons chargeable.
3: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4: Gains chargeable to tax.
5: Exemption for first £3,000 of gains
6: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7: Time for payment of tax.
7A: Payment by instalments of tax on gifts.
8: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The foreign element

10: Double taxation relief.
11: Allowance for foreign tax.
12: Non-resident with United Kingdom branch or agency.
13: Foreign assets: delayed remittances.
14: Foreign assets of person with foreign domicile.
15: Non-resident company.
16: Non-resident group of companies.
17: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18: Residence etc. and location of assets.

Part II: Gains and Losses

19: Disposal of assets.

20: Capital sums derived from assets.

21: Capital sums: compensation and insurance money.

22: Assets lost or destroyed, or whose value becomes negligible.

23: Mortgages and charges.

24: Hire-purchase.
25: Value shifting.

26: Value shifting: further provisions.

26A: Value shifting: distributions within a group followed by a disposal of shares.

27: Time of disposal and acquisition where asset disposed of under contract.

28: Chargeable gains.

29: Losses.

Computation of gains

30: Introductory.
31: Consideration chargeable to tax on income.
32: Expenditure: general.
32A: Expenditure: amounts to be included as consideration.
33: Exclusion of expenditure by reference to tax on income.
33A
34: Restriction of losses by reference to capital allowances and renewals allowances.
35: Part disposals.
36: Assets derived from other assets.
37: Wasting assets.
38: Wasting assets: straightline restriction of allowable expenditure.
39: Wasting assets qualifying for capital allowances.
40: Consideration due after time of disposal.
41: Contingent liabilities.
42: Expenditure reimbursed out of public money.
43: Supplemental.

Part III: Persons and Trusts

Married persons

44: Husband and wife.
45: Tax on married woman’s gains.

Trustees, nominees and personal representatives

46: Nominees and bare trustees.
47: Expenses in administration of estates and trusts.
48: Liability for tax.

Death

49: Death: general provisions.
50: Death: application of law in Scotland.

Settlements

51: Meaning of “settled property”.
52: Trustees of settlements.
53: Gifts in settlement.
54: Person becoming absolutely entitled to settled property.
55: Termination of life interest etc.
56: Death of life tenant: exclusion of chargeable gain.
56A: Effect on sections 55 and 56 of relief under Finance Act 1980, section 79.
57: Death of annuitant.
58: Disposal of interests in settled property.

Other cases

59: Gifts: recovery from donee.
60: Partnerships.: Where two or more persons carry on a trade or business in partnership—
61: Insolvents’ assets.
62: Transactions between connected persons.
63: Connected persons: interpretation.

Part IV: Shares and Securities

64: Interpretation.

Rules of identification

65: Pooling.
66: Disposal on or before day of acquisition.

Gilt-edged securities

67: Exemptions for gilt-edged securities and qualifying corporate bonds etc.
68: Identification (general).
69: Identification: disposal to husband or wife and third person.
70: Re-acquisition after sale at a loss.

Savings certificates, etc.

71: Exemption for government non-marketable securities.

Capital distribution in respect of shares, etc.

72: Distribution which is not a new holding within Chapter II.
73: Disposal of right to acquire shares.

Close companies

74: Disposal of shares: relief in respect of income tax consequent on shortfall in distributions.
75: Shares in close company transferring assets at an undervalue.

Share option schemes

76: Consideration for acquisition of shares under share option schemes.
Reorganisation or reduction of share capital
Conversion of securities
Company reconstructions and amalgamations
Stock dividends
Quoted options
Preliminary
General
Unit trusts
Court investment funds etc.

Part V: Land

Private residences

101: Relief on disposal of private residence.
102: Amount of relief.

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Capital Gains Tax Act 1979 (repealed 6.3.1992) (Version in vigour from 1992-04-06 to )

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