{
  "url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/section-151U",
  "json_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/section-151U.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": "section/151U",
  "kind": "section",
  "number": "151U",
  "heading": "Treatment of bond-holder and bond-issuer",
  "text": "(1) This section applies for the purposes of this Act and any other enactment about capital gains tax and irrespective of the position for other purposes.\n(2) The bond-holder under investment bond arrangements is not treated as having a legal or beneficial interest in the bond assets.\n(3) The bond-issuer under such arrangements is not treated as a trustee of the bond assets.\n(4) Gains accruing to the bond-issuer in connection with the bond assets are gains of the bond-issuer and not of the bond-holder (and do not arise to the bond-issuer in a fiduciary or representative capacity).\n(5) Payments made by the bond-issuer by way of redemption payment or additional payment are not made in a fiduciary or representative capacity.\n(6) The bond-holder is not entitled to relief for capital expenditure in connection with the bond assets.\n(7) Expressions used in this section have the same meaning as in section 151N.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 151U inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 41 (with Sch. 9 paras. 1-9, 22)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1992/12/section/151U",
    "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."
}