Office of Public Sector Information
SCHEDULE 10 continued
17 In section 6(2) of the Health and Medicines Act 1988 for “272(5) of the Income and Corporation Taxes Act 1970” there shall be substituted “170(12) of the Taxation of Chargeable Gains Act 1992”.
18 In section 95 of the Water Act 1989—
(a) in subsection (4) for “Capital Gains Tax Act 1979 (“the 1979 Act”)” there shall be substituted “Taxation of Chargeable Gains Act 1992 (“the 1992 Act”)”;
(b) in subsection (5) for “1979” there shall be substituted “1992”; and
(c) in subsection (6) for “134 of the 1979” there shall be substituted “251 of the 1992”.
19 (1) In section 69(9) of the Finance Act 1989 for “85(1) of the Capital Gains Tax Act 1979” and “77” there shall be substituted “135(1) of the Taxation of Chargeable Gains Act 1992” and “126”.
(2) In section 70(2) of that Act for “Capital Gains Tax Act 1979” and “32(1)(a)” there shall be substituted “Taxation of Chargeable Gains Act 1992” and “38(1)(a)”.
(3) In section 158(2) of that Act in paragraph (a) for “section 47(1) of the Finance (No.2) Act 1975” there shall be substituted “section 283(1) of the Taxation of Chargeable Gains Act 1992”.
(4) In section 178(2) of that Act for paragraph (i) there shall be substituted—
(i) section 283 of the Taxation of Chargeable Gains Act 1992;
(5) In Schedule 5 to that Act in paragraphs 8 and 11 for “85(1) of the Capital Gains Tax Act 1979” and “77” there shall be substituted “135(1) of the Taxation of Chargeable Gains Act 1992” and “126”.
(6) In Schedule 11 to that Act—
(a) in paragraph 1(8)(c) for “Capital Gains Tax Act 1979” there shall be substituted “Taxation of Chargeable Gains Act 1992”; and
(b) in paragraph 19 for “88 of the Finance Act 1982” there shall be substituted “108 of the Taxation of Chargeable Gains Act 1992”.
20 (1) In paragraph 2 of Schedule 11 to the Electricity Act 1989 for “278 of the Income and Corporation Taxes Act 1970” and “272 of the Income and Corporation Act 1970” there shall be substituted respectively “178 or 179 of the 1992 Act” and “170 of the 1992 Act”; and at the end of that paragraph there shall be added—
2A In this Schedule “the 1992 Act” means the Taxation of Chargeable Gains Act 1992.
(2) In paragraph 3 of that Schedule for “117 of the Capital Gains Tax Act 1979” and “117” (where it secondly appears) there shall be substituted “154 of the 1992 Act” and “154”.
(3) In paragraphs 4 and 5 of that Schedule for “Capital Gains Tax Act 1979” (in each place) there shall be substituted “1992 Act”.
21 (1) The following section shall be inserted in the Capital Allowances Act 1990 after section 118—
118A (1) If, at the time of the material disposal of a licence, the licence relates to an undeveloped area, then, to the extent that the consideration for the disposal consists of—
(a) another licence which at that time relates to an undeveloped area or an interest in another such licence, or
(b) an obligation to undertake exploration work or appraisal work in an area which is or forms part of the licensed area in relation to the licence disposed of,
the value of that consideration shall be treated as nil for the purposes of this Part and Part VII.
(2) For the purposes of this section “material disposal” means a disposal (including a part disposal) other than a disposal in relation to which sections 157 and 158 of this Act have effect.
(3) If a material disposal of a licence which, at the time of the disposal, relates to an undeveloped area is part of a larger transaction under which one party makes to another material disposals of two or more licences, each of which at the time of the disposal relates to an undeveloped area, the reference in subsection (1)(b) above to the licensed area in relation to the licence disposed of shall be construed as a reference to the totality of the licensed areas in relation to those two or more licences.
(4) Expressions used in this section and in section 194 of the Taxation of Chargeable Gains Act 1992 have the same meaning in this section as they have in that.
(2) In section 138 of that Act the following subsection shall be inserted after subsection (7)—
(7A) Where the relevant event is the material disposal of a licence for the purposes of section 118A, subsection (4) above shall have effect subject to that section.
22 (1) The Finance Act 1990 shall have effect subject to the following amendments.
(2) In section 116(5) for “150(1) to (3) and 152 of the Capital Gains Tax Act 1979” there shall be substituted “272(1) to (4) and 273 of the Taxation of Chargeable Gains Act 1992”.
(3) In section 120 for “27 of the Capital Gains Tax Act 1979” there shall be substituted “28 of the Taxation of Chargeable Gains Act 1992”.
(4) In paragraph 24 of Schedule 10 for “88 of the Finance Act 1982” there shall be substituted “108 of the Taxation of Chargeable Gains Act 1992”.
(5) In Schedule 12—
(a) in paragraph 2—
(i) for “the Capital Gains Tax Act 1979 (“the 1979 Act”)” there shall be substituted “the Taxation of Chargeable Gains Act 1992 (“the 1992 Act”)”;
(ii) for “5” there shall be substituted “2”; and
(iii) for “134 of the 1979” there shall be substituted “251 of the 1992”;
(b) in paragraphs 4, 5 and 6 for “1979” there shall be substituted “1992”;
(c) in paragraph 7 for “115 to 119 of the 1979” there shall be substituted “152 to 156 of the 1992”; and
(d) in paragraph 10 for the definition of “the 1979 Act” there shall be substituted— ““the 1992 Act” means the Taxation of Chargeable Gains Act 1992.”
23 In section 72(4) of the Finance Act 1991 for “5(1) of the Capital Gains Tax Act 1979” there shall be substituted “3(1) of the Taxation of Chargeable Gains Act 1992”.
24 (1) In section 16 of the Ports Act 1991 for “Capital Gains Tax Act 1979” and “29A(1)” there shall be substituted respectively “1992 Act” and “17(1)”.
(2) In section 17 of that Act—
(a) for “1979” (wherever it occurs) there shall be substituted “1992”;
(b) in subsection (6) for “278(3) or (3C) of the Income and Corporation Taxes Act 1970” there shall be substituted “178(3) or (5) or 179(3) or (6) of the 1992 Act”;
(c) in subsection (7)—
(i) for paragraph (a) there shall be substituted—
“(a) “the relevant six-year limit” means in relation to section 178(3) or 179(3) the six year period mentioned in section 178(1) or 179(1) and in relation to section 178(5) or 179(6) the six year period mentioned in 178(5)(a) or 179(6)(a); and”; and
(ii) in paragraph (b) for “278(3)”, “278(3C)” and “subsection (3D) of that section” there shall be substituted “178(3) or 179(3)”, “178(5) or 179(6)” and “section 178(6) or 179(7)” respectively; and
(d) in subsection (13) for “272 to 281 of the Income and Corporation Taxes Act 1970”, “(1E) and (1F) of section 272” and “(1E)” there shall be substituted “170 to 181 of the 1992 Act”, “(7) and (8) of section 170” and “(7)” respectively.
(3) In section 18 of that Act—
(a) in subsections (2) and (8) for “1979” there shall be substituted “1992”;
(b) in subsection (4) for “267(1) or 273(1) of the Income and Corporation Taxes Act 1970” there shall be substituted “139(1) or 171(1) of the 1992 Act”.
(4) In section 20 of that Act for “27 of the Capital Gains Tax Act 1979” there shall be substituted “28 of the 1992 Act”.
(5) In section 35 of that Act—
(a) in subsection (3) for “Capital Gains Tax Act 1979” there shall be substituted “1992 Act”; and
(b) in subsection (6) for “278 of the Income and Corporation Taxes Act 1970” and “273 to 281” there shall be substituted “178 or 179 of the 1992 Act” and “171 to 181”.
(6) In section 40(1) of that Act there shall be added at the end “and
“the 1992 Act” means the Taxation of Chargeable Gains Act 1992.”
25 In section 12(2) of the British Technology Group Act 1991 for “345 of the Income and Corporation Taxes Act 1988” there shall be substituted “8 of the Taxation of Chargeable Gains Act 1992”.
Taxation of Chargeable Gains Act 1992