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Taxation of Chargeable Gains Act 1992, Cross Heading: Application of exemptions in priority to provisions deeming there to be no disposal etc is up to date with all changes known to be in force on or before 03 June 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Textual Amendments
F1Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1
4(1)For the purposes of determining whether an exemption conferred by this Schedule applies, the question whether there is a disposal shall be determined without regard to—U.K.
(a)section 116(10) (reorganisation, conversion of securities, etc treated as not involving disposal),
(b)section 127 (share reorganisations etc treated as not involving disposal), or
(c)section 192(2)(a) (distribution not treated as capital distribution).
(2)Sub-paragraph (1) does not apply to a disposal of shares if the effect of its applying would be that relief attributable to the shares under Schedule 15 to the Finance Act 2000 (corporate venturing scheme) would be withdrawn or reduced under paragraph 46 of that Schedule (withdrawal or reduction of investment relief on disposal of shares).
(3)Where or to the extent that an exemption conferred by this Schedule does apply—
(a)the provisions mentioned in sub-paragraph (1)(a) and (b) do not apply in relation to the disposal, and
(b)the provision mentioned in sub-paragraph (1)(c) does not apply in relation to the subject matter of the disposal.
(4)Where section 127 is disapplied by sub-paragraph (3)(a) in a case in which that section would otherwise have applied in relation to the disposal by virtue of paragraph 84 of Schedule 15 to the Finance Act 2000 (corporate venturing scheme: share exchanges), paragraph 85 of that Schedule (attribution of relief to new shares) does not apply.
(5)In this paragraph any reference to section 127 includes a reference to that provision as applied by any enactment relating to corporation tax.]
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