Section 31 Consideration chargeable to tax on income.C4
United Kingdom
There shall be excluded from the consideration for a disposal of assets taken into account in the computation under this Chapter of the gain accruing on that disposal any money or money’s worth charged to income tax as income of, or taken into account as a receipt in computing income or profits or gains or losses of, the person making the disposal for the purposes of the Income Tax Acts.
Subsection (1) above shall not be taken as excluding from the consideration so taken into account any money or money’s worth which is taken into account in the making of a balancing charge under the M1Capital Allowances Act F11990, including the provisions of the Taxes Act 1988 which are to be treated as contained in the 1990 Act but excluding Part III of the 1990 Act, or which is brought into account as the disposal value of machinery or plant under section 24 of the 1990 Act.
This section shall not preclude the taking into account in a computation under this Chapter, as consideration for the disposal of an asset, of the capitalised value of a rentcharge (as in a case where a rentcharge is exchanged for some other asset) or of the capitalised value of a ground annual or feu duty, or of a right of any other description to income or to payments in the nature of income over a period, or to a series of payments in the nature of income.
The reference in subsection (1) above to computing income or profits or gains or losses shall not be taken as applying to a computation of a company’s income for the purposes of subsection (2) of section 76 of the Taxes Act 1988.
Annotations
Textual amendments
- F1
Words substituted by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(1)(3), Sch. 1 para. 3(2)
- F2
S. 31(4) added by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 17
Marginal citations
- M1
Modifications
- C1
See though Finance Act 1978 (c. 42), s. 61(3)(a)
- C2
S. 31(1) excluded (E.W.S) (16.1.1992) by S.I. 1992/58, art. 9, Sch. 2 para.3
- C3
See Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 777(12)
- C4
See— Finance Act 1984 (c. 43, SIF 63:2), s. 36(1) and Sch. 9 para. 1(1); Finance Act 1985 (c. 54), s. 77 and Sch. 23 paras. 15(7), 33; Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 763(2) and Sch. 28 para. 3(4); Finance Act 1988 (c. 39, SIF 63:1, 2), s. 63
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Act repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with s.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)