Paragraph 2 Amendments of TCGA 1992

United Kingdom

In section 1I (income taxed at higher rates or gains exceeding unused basic rate band)—

(a)

in subsection (1)—

(i)

omit paragraph (za), and

(ii)

in paragraph (b), for “20%” substitute “24%”,

(b)

in subsection (2), in the closing words—

(i)

omit “at the rate of 24% (so far as comprising residential property gains),”, and

(ii)

for “20%” substitute “24%”,

(c)

in subsection (5)—

(i)

omit paragraph (za), and

(ii)

in paragraph (b), for “20%” substitute “24%”, and

(d)

for subsections (7) to (9) substitute—

“(7)

The individual may allocate so much of the unused part of the individual’s basic rate band as then remains to any carried interest gains or any other gains.

(8)

The effect of the allocation is that the gains to which the allocation is made are charged at the rate of 18%.

(9)

Any gains to which no allocation is made are charged—

(a)

at the rate of 28% (if they are carried interest gains), or

(b)

at the rate of 24% (if they are other kinds of gains).”