{
  "url": "https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992/section-118",
  "json_url": "https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992/section-118.json",
  "legislation": "ukpga/1979/14",
  "legislation_title": "Capital Gains Tax Act 1979 (repealed 6.3.1992)",
  "legislation_url": "https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992",
  "path": "section/118",
  "kind": "section",
  "number": "118",
  "heading": "Relevant classes of assets.",
  "text": "The classes of assets for the purposes of section 115 (1) above are as follows.\nClass 1. Assets within heads A and B below.\nHead A\n1. Any building or part of a building and any permanent or semi-permanent structure in the nature of a building, occupied (as well as used) only for the purposes of the trade.\n2. Any land occupied (as well as used) only for the purposes of the trade.\nHead A has effect subject to section 119 below.\nHead B\nFixed plant or machinery which does not form part of a building or of a permanent or semi-permanent structure in the nature of a building.\nClass 2\nShips, aircraft and hovercraft (“hovercraft” having the same meaning as in the Hovercraft Act 1968).\nClass 2A\nSatellites, space stations and spacecraft (including launch vehicles).\nClass 3\nGoodwill.\nClass 4\nMilk quotas (that is, rights to sell dairy produce without being liable to pay milk levy or to deliver dairy produce without being liable to pay a contribution to milk levy) and potato quotas (that is, rights to produce potatoes without being liable to pay more than the ordinary contribution to the Potato Marketing Board’s fund).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Class 2A inserted by Finance Act 1988 (c. 39, SIF 63;1, 2), s. 112 with respect to disposals and acquisitions on or after 28th July 1987"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Class 4 inserted by Finance Act 1988 (c. 39, SIF 63;1, 2), s. 112 with respect to disposals and acquisitions on or after 30th October 1987"
    },
    {
      "type": "M",
      "label": "M1",
      "text": "1968 c. 59."
    },
    {
      "type": "C",
      "label": "C1",
      "text": "See also Capital Gains Tax Act 1979 (c. 14), Sch. 6 para. 22"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "See Finance (No. 2) Act 1983 (c. 49), s. 7(6)"
    },
    {
      "type": "C",
      "label": "C3",
      "text": "Ss. 115–121 restricted by Finance Act 1990 (c. 29, SIF 63:2), s. 40(5)(6)"
    },
    {
      "type": "C",
      "label": "C4",
      "text": "See— Finance Act 1984 (c. 43, SIF 63:1), s. 50(1) and Sch. 11 para. 1; Finance (No. 2) Act 1987 (c. 51), s. 80"
    },
    {
      "type": "C",
      "label": "C5",
      "text": "Ss. 115-121 excluded (E.W.S.) (16.1.1992) by S.I. 1992/58, art. 9, Sch. 2 para.10"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1979/14/section/118",
    "retrieved_at": "2026-10-29T10:18:25.768570+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}