Part 1 Taxation of Chargeable Gains Act 1992
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 25 Charge on Certain High Value Disposals by Companies etc

Section 65

Part 1 Taxation of Chargeable Gains Act 1992

1

TCGA 1992 is amended as follows.

2

(1)     Section 1 (the charge to tax) is amended as follows.

(2)     In subsection (2), after “Acts†insert “, subject to the exception in subsection (2A)â€.

(3)     After subsection (2) insert—

“(2A)     But companies are chargeable to capital gains tax, and not corporation tax, in respect of chargeable gains accruing to them to the extent that those gains are ATED-related gains in respect of which the companies are chargeable to capital gains tax under section 2B.â€

(4)     In subsection (3) for “subsection (2)†substitute “subsections (2) and (2A)â€.

3

In section 2 (persons and gains chargeable to capital gains tax, and allowable losses), after subsection (7) insert—

“(7A)     Nothing in this section applies in relation to an ATED-related gain chargeable to, or an ATED-related loss allowable for the purposes of, capital gains tax by virtue of section 2B.â€

4

After section 2 insert—

“2B Persons chargeable to capital gains tax on ATED-related gains

(1)     A person (other than an excluded person) (“Pâ€) is chargeable

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