Paragraph 4 C1

(1)

A gain accruing on a disposal is not a chargeable gain if it accrues on—

(a)

a disposal arising as a result of the forfeiture or surrender of rights, or as a result of refraining from exercising rights, in return for a qualifying payment,

(b)

a disposal of the right to receive the whole or any part of a qualifying payment, or

(c)

a disposal of an interest in any such right.

(2)

In sub-paragraph (1)(c) “interest”, in relation to a right, means an interest as a co-owner of the right (whether it is owned jointly or in common and whether or not the interests of the co-owners are equal).

(3)

This paragraph has effect—

(a)

in a case where the qualifying payment concerned is within paragraph 2(2) or (3), in relation to disposals made on or after 3 April 2019,

(b)

in a case where the qualifying payment concerned is within paragraph 2(4), in relation to disposals made on or after 29 May 2020, and

(c)

in a case where the qualifying payment concerned is within paragraph 2(5), in relation to disposals made on or after such date as is specified in the regulations concerned (which may be a date before the regulations are made).

Annotations

Modifications

C1: Sch. 15 para. 4 modified (6.4.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2023 (S.I. 2023/113), regs. 1(2), 44(4) (with reg. 1(3))

Notes on Part 1

Textual amendments

F1: Sch. 15 Pt. 1 heading inserted (22.2.2024) by Finance Act 2024 (c. 3), s. 12(3)(b)