Capital Gains Tax Act 1979 (repealed 6.3.1992)
Capital Gains Tax Act 1979 (repealed 6.3.1992) (1979 c. 14)
- Capital Gains Tax Act 1979 (repealed 6.3.1992) (1979 c. 14)
- 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, 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 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
- Chapter I Disposals
- 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.
- Chapter II Computation
- 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.
- 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.
- 61 Insolvents’ assets.
- 62 Transactions between connected persons.
- 63 Connected persons: interpretation.
- Part IV Shares and Securities
- Chapter I General
- 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.
- Chapter II Reorganisation of Share Capital, Conversion of Securities, Etc.
- Reorganisation or reduction of share capital
- 77 Application of sections 78 to 81.
- 78 Equation of original shares and new holding.
- 79 Consideration given or received by holder.
- 80 Part disposal of new holding.
- 81 Composite new holdings.
- Conversion of securities
- 82 Equation of converted securities and new holding.
- 83 Premiums on conversion of securities.
- 84 Compensation stock.
- Company reconstructions and amalgamations
- 85 Exchange of securities for those in another company.
- 86 Reconstruction or amalgamation involving issue of securities.
- 87 Restriction on application of sections 85 and 86.
- 88 Procedure for clearance in advance.
- Stock dividends
- 89 Stock dividends: consideration for new holding.
- 90 Capital gains on certain stock dividends.
- Quoted options
- 91 Application of Chapter II to quoted options.
- Chapter III Unit Trusts etc.
- Preliminary
- 92 Interpretation.
- 93 Application of Act to unit trusts.
- General
- 94 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Unit trusts
- 95 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 96 Unit trusts for exempt unit holders.
- 97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 98 Transfer of company’s assets to unit trust which later comes within section 96 or 97.
- Court investment funds etc.
- 99 Funds in court.
- 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Part V Land
- Private residences
- 101 Relief on disposal of private residence.
- 102 Amount of relief.
- 103 Amount of relief: further provisions.
- 104 Private residence occupied under terms of settlement.
- 105 Private residence occupied by dependent relative.
- Leases
- 106 Leases of land and other assets.
- Part disposals
- 107 Small part disposals.
- 108 Part disposal to authority with compulsory powers.
- 109 Part disposal: consideration exceeding allowable expenditure.
- Compulsory acquisition
- 110 Compensation paid on compulsory acquisition.
- 111 Time of disposal and acquisition.
- 111A Roll-over relief on compulsory acquisition.
- Agricultural land and woodlands
- 112 Grants for giving up agricultural land.
- 113 Woodlands.
- Development land tax etc.
- 114 Interaction with development land tax and other taxation.
- Part VI Property: Further Provisions
- Replacement of business assets
- 115 Roll-over relief.
- 116 Assets only partly replaced.
- 117 New assets which are depreciating assets.
- 118 Relevant classes of assets.
- 119 Assets of Class 1.
- 120 Trade carried on by family company: business assets dealt with by individual.
- 121 Activities other than trades, and interpretation.
- Stock in trade
- 122 Appropriations to and from stock.
- Transfer of business to a company
- 123 Roll-over relief on transfer of business.
- Transfer of business on retirement
- 124 Relief on transfer.
- 125 Transfer by way of capital distribution from family company.
- Gifts of business assets
- 126 Relief for gifts of business assets.
- 126A Section 126 relief: gifts to non-residents.
- 126B Section 126 relief: gifts to foreign-controlled companies.
- 126C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Movable property
- 127 Wasting assets.
- 128 Chattel exemption.
- 129 Leases of property other than land.
- 130 Passenger vehicles.
- 131 Decorations for valour or gallant conduct.
- Other property
- 132 Commodities and other assets without earmark.
- 133 Foreign currency for personal expenditure.
- 134 Debts.
- 135 Debts: foreign currency bank accounts.
- 136 Relief in respect of loans to traders.
- 136A Relief for qualifying corporate bonds.
- 136B Section 136A: supplementary.
- 137 Options and forfeited deposits.
- 138 Options: application of rules as to wasting assets.
- 139 Quoted options treated as part of new holdings.
- Part VII Other Provisions
- Insurance
- 140 Policies of insurance.
- 141 Disallowance of insurance premiums as expenses.
- 142 Underwriters.
- 142A Disposal of assets in premiums trust fund etc.
- 143 Life assurance and deferred annuities.
- Superannuation funds, annuities and annual payments
- 144 Superannuation funds, annuities and annual payments.
- Profit sharing and share option schemes
- 144A Approved profit sharing and share option schemes.
- Other exemptions and reliefs
- 145 Charities.
- 146 Gifts to charities etc.
- 147 Works of art etc.
- 147A Gifts on which inheritance tax is chargeable etc.
- 147B Section 147A relief: gifts to non-residents.
- 148 Maintenance funds for historic buildings.
- 149 Employee trusts.
- 149A Building societies and life policies.
- 149B Miscellaneous exemptions.
- 149C Business expansion schemes.
- 149D Personal equity plans.
- Part VIII Supplemental
- Valuation
- 150 Valuation: general.
- 151 Assets disposed of in a series of transactions.
- 152 Unquoted shares and securities.
- 153 Value determined for capital transfer tax.
- Other provisions
- 154 Income tax decisions.
- 155 Interpretation.
- Part IX General
- 156 Commencement.
- 157 Savings, transitory provisions and consequential amendments.
- 158 Repeals.
- 159 Continuity and construction of references to old and new law.
- 160 Short title.
- SCHEDULES
- SCHEDULE 1 Application of Exempt Amount in Particular Cases
- Preliminary
- Husband and wife
- Personal representatives
- Trustees
- SCHEDULE 2 Gilt-Edged Securities
- Part II Existing Gilt-Edged Securities
- Stocks and bonds charged on the National Loans Fund
- Securities issued by certain public corporations and guaranteed by the Treasury
- SCHEDULE 3 Leases
- Leases of land as wasting assets: curved line restriction of allowable expenditure
- Premiums for leases
- Sub-leases out of short leases
- Exclusion of premiums taxed under Schedule A etc.
- Duration of leases
- Leases of property other than land
- Interpretation
- SCHEDULE 4 Relief for Gifts of Business Assets
- Part I Agricultural Property and Settled Property
- Agricultural property
- Settled property
- Part II Reductions in Held-Over Gain
- Application and interpretation
- Reductions peculiar to disposals of assets
- Reduction peculiar to disposal of shares
- Reduction where gain partly relieved by retirement relief
- SCHEDULE 5 Assets Held on 6th April 1965
- Part I Quoted Securities
- Deemed acquisition at 6th April 1965 value
- Restriction of gain or loss by reference to actual cost
- Exclusion of pooling
- Election for pooling
- Election by principal company of group
- Pooling at value on 6th April 1965: exchange of securities etc.
- Underwriters
- Interpretation of paragraphs 3 to 7
- Part II Land Reflecting Development Value
- Valuation at 6th April 1965
- Allowance for betterment levy
- Part III Other Assets
- Apportionment by reference to straightline growth of gain or loss over period of ownership
- Election for valuation at 6th April 1965
- Unquoted shares, commodities, etc.
- Reorganisation of share capital, conversion of securities, etc.
- Part IV Miscellaneous
- Capital allowances
- Assets transferred to close companies
- Husbands and wives
- Compensation and insurance money
- SCHEDULE 6 Transitory
- Part I Valuation
- Preliminary
- Original rules
- Value of quoted securities on 6th April 1965
- References to Stock Exchange on or after 25th March 1973
- Unquoted shares and securities: application of section 152 to acquisitions before commencement of this Act
- Unquoted shares or securities: acquisition on death
- Unquoted shares or securities: prior part disposal
- Value determined for estate duty
- Part II Assets Acquired Before Commencement
- Events before commencement
- Part III Other Transitory Provisions
- Value-shifting
- Assets acquired on disposal chargeable under Case VII of Schedule D
- Unrelieved Case VII losses
- Dispositions before 27th March 1974 which attract capital transfer tax
- Gifts subject to capital transfer tax on death
- Life interest terminated on death on which capital transfer tax is chargeable
- Devaluation of sterling: securities acquired with borrowed foreign currency
- Devaluation of sterling: foreign insurance funds
- Gilt-edged securities past redemption date
- Reorganisation of share capital, conversion of securities, etc.
- Land: allowance for betterment levy
- Replacement of business assets
- Transfer of business to a company
- Works of art etc.
- Disposal before acquisition
- Estate duty
- Income and corporation tax: premiums on leases
- Validity of subordinate legislation
- Saving for Part II of this Schedule
- SCHEDULE 7 Consequential Amendments
- Taxes Management Act 1970 (c. 9)
- Income and Corporation Taxes Act 1970 (c. 10)
- Finance Act 1974 (c. 30)
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Development Land Tax Act 1976 (c. 24)
- Finance Act 1976 (c. 40)
- Translation of references to Part III of Finance Act 1965
- TABLE Part I
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- Part II References to Part III of Finance Act 1965 Followed by Descriptive Words
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- Translation of references to enactments repealed and re-enacted
- SCHEDULE 8 Repeals
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