Part 2 Consequential Amendments
Finance Act 2013 (2013 c 29) | Legislation

Part 2 Consequential Amendments

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44

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TCGA 1992

45

After section 47 of TCGA 1992 insert—

“Cash basis accounting
47A Exemption for disposals by persons using cash basis

(1)     No chargeable gain shall accrue on the disposal of, or of an interest in, an asset if conditions A to D are met in relation to the asset.

(2)     Condition A is that the asset is—

(a)     tangible movable property, and

(b)     a wasting asset.

(3)     Condition B is that, at any time during the period of ownership of the person making the disposal, the asset has been used for the purposes of a trade, profession or vocation carried on by the person.

(4)     Condition C is that an election under section 25A of ITTOIA 2005 (cash basis for small businesses) has effect in relation to the trade, profession or vocation at the time of the disposal.

(5)     Condition D is that—

(a)     any expenditure attributable to the asset or interest under paragraph (a) or (b) of section 38(1) has been brought into account in calculating the profits of the trade, profession or vocation on the cash basis, or

(b)     any of that expenditure

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