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The Taxation of Chargeable Gains Act 1992 (Amendment) Regulations 2022

S.I. 2022/230 · Made 7 March 2022

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 7th March 2022

Laid before the House of Commons 8th March 2022

Coming into force 5th April 2022

The Treasury make the following Regulations in exercise of the powers conferred by paragraphs 124 and 126(2)(b) of Schedule 1 to the Finance Act 2019f1.

Annotations to the whole text

Footnotes

f1

2019 c. 1.

Contents

  1. 1Citation and commencement
  2. 2Amendment of the Taxation of Chargeable Gains Act 1992
  3. 3Amendment of the Taxation of Chargeable Gains Act 1992
  4. 4Amendment of the Taxation of Chargeable Gains Act 1992
  5. Signature
  6. Explanatory note

1Citation and commencement

These Regulations may be cited as the Taxation of Chargeable Gains Act 1992 (Amendment) Regulations 2022 and come into force on 5th April 2022.

2Amendment of the Taxation of Chargeable Gains Act 1992

The Taxation of Chargeable Gains Act 1992f1 is amended as follows.

3Amendment of the Taxation of Chargeable Gains Act 1992

In section 87A(2) (section 87: matching)f1, in the words before Step 1, for “with section 2(2) amounts” substitute “with section 1(3) amounts”.

4Amendment of the Taxation of Chargeable Gains Act 1992

In Schedule 4C (transfers of value: attribution of gains to beneficiaries)f1, in the italic heading before paragraph 1A, for “section 2(2) amounts” substitute “section 1(3) amounts”.

Signature

Michael Tomlinson

Rebecca Harris

Two of the Lords Commissioners of Her Majesty’s Treasury

7th March 2022

Explanatory note

(This note is not part of the Regulations)

These Regulations make minor amendments to section 87A(2) of, and paragraph 1A of Schedule 4C to, the Taxation of Chargeable Gains Act 1992 (c. 12) (TCGA 1992). Both provisions were amended by Schedule 1 to the Finance Act 2019 (c. 1) (FA 2019) which extends the cases in which non-residents are charged to tax on gains accruing to them and contains consequential amendments of TCGA 1992.

Regulation 1 sets out when these Regulations come into force.

Regulation 2 introduces the amendments to TCGA 1992.

Regulations 3 and 4 contain the minor amendments, both of which substitute references to section 1(3) of TCGA 1992 consequential to the amendments to that Act made by Part 1 of Schedule 1 to FA 2019.

A Tax Information and Impact Note covering this instrument will be published on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.