{
  "url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-2/paragraph-12",
  "json_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-2/paragraph-12.json",
  "legislation": "ukpga/1992/12",
  "legislation_title": "Taxation of Chargeable Gains Act 1992",
  "legislation_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992",
  "path": "schedule/2/paragraph/12",
  "kind": "paragraph",
  "number": "12",
  "heading": null,
  "text": "In computing any gain accruing to a person on a disposal of a lease which is a wasting asset, the current use value of the lease at the time of its acquisition by the person making the disposal shall be the fraction—\nAB of what its current use value at that time would be apart from this paragraph,\nwhere—\nA is equal to so much of the expenditure attributable to the lease under section 38(1)(a) and (b) as is not under paragraph 1 of Schedule 8 excluded therefrom for the purposes of the computation of the gain accruing on the disposal, and\nB is equal to the whole of the expenditure which would be so attributable to the lease for those purposes apart from the said paragraph 1.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "words inserted",
      "affecting": "asc/2026/7",
      "affecting_title": "Planning (Consequential Provisions) (Wales) Act 2026"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1992/12/schedule/2/paragraph/12",
    "retrieved_at": "2026-10-29T09:36:15.270072+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."
}