Section 28 Chargeable gains.
United Kingdom
The amount of the gains accruing on the disposal of assets shall be computed in accordance with this Chapter, and subject to the other provisions of this Act F1and sections 86 and 87 of the Finance Act 1982.
Every gain shall, except as otherwise expressly provided, be a chargeable gain.
Schedule 5 to this Act (which restricts the amount of chargeable gains accruing on the disposal of assets owned on 6th April 1965) shall have effect.
Annotations
Textual amendments
- F1
Words inserted by Finance Act 1982 (c. 39, SIF 63:2), s. 86(4) in respect of disposals on or after 6 April 1982, or 1 April 1982 (companies)
Modifications
- C1
See— Development Land Tax Act 1976 (c. 24), s. 34 and Sch. 6 Pt. I relating to deduction of development land tax disposal (which Act was repealed by Finance Act 1985 (c. 54, SIF 63:2), ss. 93, 98(6) and Sch. 27 Pt. X); Income and Corporation Taxes Act 1988 (c. 1, SIF, 63:1), Sch. 26 para. 3(2); Trustee Savings Banks Act 1985 (c. 58, SIF 110), s. 5 and Sch. 2 paras. 3(1), 5
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Act repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with s.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 II
Modifications
- C1
Pt. II Chapter II (ss. 28-43) modified by Finance Act 1991 (c. 31, SIF 63:2), s. 102(3).
- C2
Pt. II Chapter II (ss. 28-43) applied (E.W.S.) (16.1.1992) by S.I. 1992/58, art. 9, Sch. 2 para. 8(1)