Part II Reductions in Held-over Gain
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

Part II Reductions in Held-over Gain

Application and interpretation

4

(1)     The provisions of this Part of this Schedule apply in cases where a claim for relief is made under section 165.

(2)     In this Part of this Schedule—

(a)     “the principal provision†means section 165(2), or, as the case may require, sub-paragraph (2) of paragraph 2 above,

(b)     “shares†includes securities,

(c)     “the transferor†has the same meaning as in section 165 except that, in a case where paragraph 2 above applies, it refers to the trustees mentioned in that paragraph, and

(d)     “unrelieved gainâ€, in relation to a disposal, has the same meaning as in section 165(7).

(3)     In this Part of this Schedule—

(a)     any reference to a disposal of an asset is a reference to a disposal which falls within subsection (1) of section 165 by virtue of subsection (2)(a) of that section or, as the case may be, falls within sub-paragraph (1) of paragraph 2 above by virtue of sub-paragraph (2)(a) of that paragraph, and

(b)     any reference to a disposal of shares is a reference to a disposal which falls within subsection (1) of section 165 by virtue of subsection (2)(b)

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