{
  "url": "https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992/section-119",
  "json_url": "https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992/section-119.json",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  "legislation_title": "Capital Gains Tax Act 1979 (repealed 6.3.1992)",
  "legislation_url": "https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992",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/119",
  "kind": "section",
  "number": "119",
  "heading": "Assets of Class 1.",
  "text": "(1) This section has effect as respects head A of Class 1 in section 118 above.\n(2) Head A shall not apply where the trade is a trade—\n(a) of dealing in or developing land, or\n(b) of providing services for the occupier of land in which the person carrying on the trade has an estate or interest.\n(3) Where the trade is a trade of dealing in or developing land, but a profit on the sale of any land held for the purposes of the trade would not form part of the trading profits, then, as regards that land, the trade shall be treated for the purposes of subsection (2)(a) of this section as if it were not a trade of dealing in or developing land.\n(4) A person who is a lessor of tied premises shall be treated as if he occupied (as well as used) those tied premises only for the purposes of the relevant trade.\nThis subsection shall be construed in accordance with section 98(2) of the Taxes Act 1988 (income tax and corporation tax on tied premises).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 paras. 15 and 32"
    },
    {
      "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"
    },
    {
      "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/119",
    "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."
}