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The Capital Gains Tax (Amendment) Regulations 2013

S.I. 2013/557 · Made 11 March 2013

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Capital Gains Tax

Made 11th March 2013

Laid before the House of Commons 13th March 2013

Coming into force 6th April 2013

The Commissioners for Her Majesty’s Revenue and Customs make these Regulations in exercise of the powers conferred by section 57 of the Taxes Management Act 1970f1.

Annotations to the whole text

Footnotes

f1

1970 c. 9; section 57 has been relevantly amended by Part III of Schedule 14 to the Finance Act 1971 (c. 68), Schedule 8 to the Capital Gains Tax Act 1979 (c. 14) and paragraph 2(1) and (2) of Schedule 10 to the Taxation of Chargeable Gains Act 1992 (c.12). In addition, Article 3 and paragraph 37 of Schedule 1 of S.I. 2009/56 amended section 57 so that the Commissioners for Her Majesty’s Revenue and Customs have the power to make these Regulations.

Contents

  1. 1Regulation 1
  2. 2Amendment to the Capital Gains Tax Regulations 1967
  3. Signature
  4. Explanatory note

1

These Regulations may be cited as the Capital Gains Tax (Amendment) Regulations 2013 and come into force on 6th April 2013.

2Amendment to the Capital Gains Tax Regulations 1967

(1)

Regulation 15 of the Capital Gains Tax Regulations 1967f1 is amended as follows.

(2)

For paragraph (b) substitute—

“(b)

A person shall not be treated as being at any date a person whose liability to capital gains tax may be affected by the market value of an asset or by the apportionment of any amount or value paid, payable or ascertained in connection with an asset unless on or before that date, but since 6th April 1965, there has been (or is deemed to have been) a disposal or acquisition of the asset by that person, or by personal representatives from whom they may acquire the asset as legatee, or by a company or trustees whose chargeable gains may to any extent be treated as accruing to that person under section 13 (attribution of gains to members of non-resident companies)f2, 86 (attribution of gains to settlors with interest in non-resident or dual resident settlements)f3 or 87 (non-UK resident settlements: attribution of gains to beneficiaries)f4 of the Taxation of Chargeable Gains Act 1992.”

Signature

Ruth Owen

Jennie Granger

Two of the Commissioners for Her Majesty’s Revenue and Customs

11th March 2013

Explanatory note

(This note is not part of the Regulations)

These Regulations amend regulation 15 of the Capital Gains Tax Regulations 1967 (S.I. 1967/149). Regulation 15 sets out the interpretation of certain expressions in the Capital Gains Tax Regulations 1967 (“the Principal Regulations”). Regulation 15(b) provides that a person shall not be treated as a person whose liability to capital gains is affected by the market value of an asset unless their liability has accrued under section 41 or 42 of the Finance Act 1965f1 and they are at that date or during any relevant year of assessment resident, ordinarily resident or carrying on a trade in the United Kingdom.

Regulation 2 of these regulations substitutes a new regulation 15(b) in the Principal Regulations to remove the requirement that a person must be resident, ordinarily resident or carry on a trade in the United Kingdom in order to be joined as a third party to an appeal or make an application to be joined. The references to sections 41 and 42 of the Finance Act 1965 have been deleted and replaced by references to sections 13 and 87 of the Taxation of Chargeable Gains Act 1992 (c. 12).

Regulation 15(b) includes a reference to section 86 of the Taxation of Chargeable Gains Act 1992 extending the right to be joined as a third party to an appeal or make an application to be joined to settlors of non-resident trusts.

A Tax Information Impact Note has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.