# Finance Act 2022, Paragraph 53: No chargeable gain on disposal of overseas land or certain shares

Extent: E+W+S+N.I.

(1) A gain accruing to a QAHC on a disposal of overseas land or qualifying shares is not a chargeable gain.
(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.
(3) For the purposes of sub-paragraph (2), “shares” includes—
(a) stock;
(b) any other interest of a member in a company (including a company that has no share capital);
(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);
(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;
(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;
(f) any derivative contract to the extent that the underlying subject matter of the contract is shares.
(4) In this paragraph—
“derivative contract” means—
(a)a derivative contract within the meaning of Part 7 of CTA 2009 (see section 576 of that Act), or
(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);
“unit trust scheme” and “unit holder” have the meaning they have in section 99 of TCGA 1992;
“tax transparent fund” and “units” in relation to such a fund have the meaning they have in section 103D of that Act.

---
Source: https://www.legislation.gov.uk/ukpga/2022/3/schedule/2/paragraph/53 (the official version)
Page: https://openlegislation.uk/finance-act-2022/schedule-2/paragraph-53
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.