{
  "url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-5AAA/paragraph-23",
  "json_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-5AAA/paragraph-23.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/5AAA/paragraph/23",
  "kind": "paragraph",
  "number": "23",
  "heading": null,
  "text": "(1) This paragraph applies if a disposal of an asset is deemed to have been made by a person at any time under—\n(a) paragraph 21, or\n(b) paragraph 22 but only as a result of paragraph 20 (qualifying fund or qualifying company ceasing to meet the applicable exemption conditions).\n(2) Any gain (“the deemed gain”) accruing to the person on the disposal is treated as accruing to the person in accordance with the rules set out in the remainder of this paragraph.\n(3) If, at the time of the deemed disposal or a subsequent time—\n(a) the person actually disposes of a unit in the relevant fund, or\n(b) the person receives an amount of a kind mentioned in paragraph 21(1),\nthe appropriate portion of the deemed gain is treated as accruing to the person at the time of the actual disposal or the time of the receipt.\n(4) For this purpose “the appropriate portion” means the proportion which—\n(a) the consideration for the actual disposal, or\n(b) the amount of the receipt,\nbears to the amount of the deemed gain.\n(5) If some of the deemed gain has accrued on one or more previous occasions, the appropriate portion is restricted so that, when added to the appropriate portion or portions on the previous occasion or occasions, it does not exceed 100%.\n(6) In determining the appropriate proportion, so much (if any) of the consideration for the actual disposal or the amount of the receipt as exceeds the amount of the deemed gain is to be ignored.\n(7) In the case of a disposal under paragraph 21, the remainder of the deemed gain is treated as accruing to the person (unless the whole amount has already accrued) when the relevant fund is wound up.\n(8) In the case of a disposal under paragraph 22, the remainder of the deemed gain is treated as accruing to the person (unless the whole amount has already accrued) at—\n(a) the end of the period of three years beginning with the time of the deemed disposal, or\n(b) if earlier, when the relevant fund is wound up.\n(9) In the case of a disposal under paragraph 21 where there is a reduction in market value under sub-paragraph (3A) of that paragraph, a reduction is also to be made for the purposes of this paragraph to the amount of the receipt mentioned in paragraph 21(1) on a just and reasonable basis.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 5AAA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 21"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Sch. 5AAA para. 23(9) inserted (24.3.2021) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2021 (S.I. 2021/213), regs. 1(1)(2), 9"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1992/12/schedule/5AAA/paragraph/23",
    "retrieved_at": "2026-11-14T03:34:05.925206+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."
}