Section 19 Disposal of assets.

United Kingdom

(1)

All forms of property shall be assets for the purposes of this Act, whether situated in the United Kingdom or not, including—

(a)

options, debts and incorporeal property generally, and

(b)

any currency other than sterling, and

(c)

any form of property created by the person disposing of it, or otherwise coming to be owned without being acquired.

(2)

For the purposes of this Act—

(a)

references to a disposal of an asset include, except where the context otherwise requires, references to a part disposal of an asset, and

C1(b)

there is a part disposal of an asset where an interest or right in or over the asset is created by the disposal, as well as where it subsists before the disposal, and generally, there is a part disposal of an asset where, on a person making a disposal, any description of property derived from the asset remains undisposed of.

(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(4)

It is hereby declared that winnings from betting, including pool betting, or lotteries or games with prizes are not chargeable gains, and no chargeable gain or allowable loss shall accrue on the disposal of rights to winnings obtained by participating in any pool betting or lottery or game with prizes.

(5)

It is hereby declared that sums obtained by way of compensation or damages for any wrong or injury suffered by an individual in his person or in his profession or vocation are not chargeable gains.

Annotations

Textual amendments

F1: S. 19(3) repealed by Finance Act 1981 (c. 35, SIF 63:2), ss. 90(3), 139 and Sch. 19 Pt. VIII in relation to acquisitions and disposals on or after 10 March 1981

Modifications

C1: See Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 440(9)

Notes on the whole Act

Textual amendments

F1: Act repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with s. 201(3), Sch. 11 paras. 20, 22, 26(2), 27 and with saving in Sch. 11 para. 24(2)) and subject to an amendment (prosp.) by Museum and Galleries Act 1992 (c. 44), s. 11(2), Sch. 8 Pt. I para. 1(1)(2)(7), and amendments by: Disability Living Allowance and Disability Working Allowance Act 1991 (c. 21), s. 4(2), Sch. 2 para. 9(1)(2) (in force 6.4.1992 by S.I. 1991/2617, art. 2(f)); S.I. 1991/2874, art. 2 (in force 6.4.1992 by S.R. 1992/94, art. 2); Social Security (Consequential Provisions) Act 1992 (c. 6), s. 4, Sch. 2 para. 52(a)(b) (in force 1.7.1992 by s. 7(2) of the amending Act); Social Security (Consequential Provisions) (Northern Ireland) Act 1992 (c. 9), s. 4, Sch. 2 para. 20(a)(b) (in force 1.7.1992 by s. 7(2) of the amending Act); Finance (No. 2) Act 1992 (c. 48), ss. 35(2), 47, 48, 56, 77, Sch. 9 para. 20(1)(inserting ss. 143A and 143B), Sch. 17 paras. 3, 6(2)(5), 7, (the amendments coming into force 16.7.1992 except for the amendment by s. 56, Sch. 9 para. 20(1) which comes into force on 19.2.1993 by S.I. 1993/236, art. 2); and amendments (retrospective to 1.1.1992) by ss. 35(2), 47, 48 of the same 1992 Act, and amendments (27.7.1993 with effect as mentioned in ss. 84(3), 86(4), 88(4), 105(4) of the amending Act) by 1993 c. 34, ss. 84(3), 86(4), 88(4)(a)(b), 105(3)(4)

Notes on Chapter I

Modifications

C1: See Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss. 57, 757(2) and Sch. 4 para. 7