{
  "url": "https://openlegislation.uk/finance-act-2022/schedule-2/paragraph-53",
  "json_url": "https://openlegislation.uk/finance-act-2022/schedule-2/paragraph-53.json",
  "legislation": "ukpga/2022/3",
  "legislation_title": "Finance Act 2022",
  "legislation_url": "https://openlegislation.uk/finance-act-2022",
  "path": "schedule/2/paragraph/53",
  "kind": "paragraph",
  "number": "53",
  "heading": "No chargeable gain on disposal of overseas land or certain shares",
  "text": "(1) A gain accruing to a QAHC on a disposal of overseas land or qualifying shares is not a chargeable gain.\n(2) “Qualifying shares” means any shares apart from shares whose disposal would, in accordance with Part 2 of Schedule 1A to TCGA 1992 (whether asset derives at least 75% of its value from UK land), be regarded as a disposal of an asset deriving at least 75% of its value from UK land.\n(3) For the purposes of sub-paragraph (2), “shares” includes—\n(a) stock;\n(b) any other interest of a member in a company (including a company that has no share capital);\n(c) any interest as co-owner of shares (whether the shares are owned jointly or in common and whether or not the interests of the co-owners are equal);\n(d) rights of unit holders in unit trust schemes that are treated as if they were shares for the purposes of TCGA 1992 as a result of section 99(1) of that Act;\n(e) units in tax transparent funds that are treated as assets for the purposes of that Act as a result of section 103D(3) of that Act;\n(f) any derivative contract to the extent that the underlying subject matter of the contract is shares.\n(4) In this paragraph—\n“derivative contract” means—\n(a)a derivative contract within the meaning of Part 7 of CTA 2009 (see section 576 of that Act), or\n(b)a contract which is not a derivative contract within the meaning of that Part only as a result of section 589(2)(b) of that Act (general exclusion of contracts whose underlying subject matter consists of shares);\n“unit trust scheme” and “unit holder” have the meaning they have in section 99 of TCGA 1992;\n“tax transparent fund” and “units” in relation to such a fund have the meaning they have in section 103D of that Act.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 2 para. 53(4) inserted (retrospectively) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 14"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2022/3/schedule/2/paragraph/53",
    "retrieved_at": "2026-10-29T08:57:50.927298+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}