{
  "url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/section-3B",
  "json_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/section-3B.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/3B",
  "kind": "section",
  "number": "3B",
  "heading": "Participators and their interests",
  "text": "(1) “Participator” has the meaning given by section 454 of CTA 2010.\n(2) Any reference to a person's interest as a participator in a company is to the interest in it represented by all the factors by reference to which the person is a participator.\n(3) Any reference to the extent of a person's interest as a participator in a company is to such proportion of the interests as participators of all of the company's participators as, on a just and reasonable basis, is represented by that interest.\n(4) If—\n(a) the interest of a person in a company is wholly or partly represented by an interest under a settlement (“the beneficial interest”), and\n(b) the beneficial interest is the factor (or one of them) by reference to which the person would, apart from this subsection, have an interest as a participator in the company,\nthat interest as a participator is, so far as represented by the beneficial interest, to be treated instead as the interest of the trustees of the settlement.\n(5) If—\n(a) exempt assets of a pension scheme are taken into account in ascertaining a person's interest as a participator in a company, and\n(b) if those assets were ignored, an amount in respect of a gain accruing to the company would not be apportioned to the person as a result of section 3,\nno amount in the respect of the gain is to be apportioned to the person as a result of that section.\n(6) For this purpose—\n(a) “assets of a pension scheme” means assets held for the purposes of a fund or scheme to which section 271(1)(c) or (1A) applies, and\n(b) those assets are “exempt” if, at the time when the gain accrues, a disposal of those assets would be exempt from tax as a result of either of those provisions.\n(7) This section applies for the purposes of section 3.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 1 substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1992/12/section/3B",
    "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."
}