[Part 5 Consequential Provisions]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[Part 5 Consequential Provisions]

[Meaning of “chargeable shares†or “chargeable assetâ€

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Any exemption conferred by this Schedule shall be disregarded in determining whether shares are “chargeable sharesâ€, or an asset is a “chargeable assetâ€, for the purposes of any enactment relating to corporation tax or capital gains tax.

Negligible value claims

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(1)     This paragraph applies where—

(a)     a company makes a claim under section 24(2) (assets of negligible value) in relation to shares held by it, and

(b)     by virtue of this Schedule any loss accruing to the company on a disposal of the shares at the time of the claim would not be an allowable loss.

(2)     Where this paragraph applies the company may not exercise the option under section 24(2) to specify a time earlier than the time of the claim as the time when the shares are treated as sold and reacquired by virtue of that subsection.

(3)     This paragraph applies to—

(a)     an interest in shares in a company, or

(b)     an asset related to shares in a company,

as it applies to shares in that company.

Reorganisations etc: deemed accrual of chargeable gain or allowable loss held over on earlier transaction

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