The Taxation of Chargeable Gains Act 1992 (Amendment) Regulations, SI 2022/230, correct two references in TCGA 1992 which were missed during the rewrite of Part 1 of the Act by FA 2019 Sch 1 which applied from 6 April 2019. References in section 87A(2), and in the heading to Sch 4C para 1A, to ‘section 2(2) amounts’ are corrected to instead refer to ‘section 1(3) amounts’.
Section 87A deals with the attribution of settlement gains to beneficiaries of non-resident trusts and the matching of capital payments. Schedule 4C para 1A provides the calculation of amounts of chargeable gains for settlements that are outstanding at the end of a tax year.
‘Section 1(3) amounts’ are the total amounts of chargeable gains accruing to a person in a tax year after deducting allowable losses in the current and previous tax years.
The regulations come into force on 5 April 2022. HMRC has also published a policy paper to explain the background to the changes.
The Taxation of Chargeable Gains Act 1992 (Amendment) Regulations, SI 2022/230, correct two references in TCGA 1992 which were missed during the rewrite of Part 1 of the Act by FA 2019 Sch 1 which applied from 6 April 2019. References in section 87A(2), and in the heading to Sch 4C para 1A, to ‘section 2(2) amounts’ are corrected to instead refer to ‘section 1(3) amounts’.
Section 87A deals with the attribution of settlement gains to beneficiaries of non-resident trusts and the matching of capital payments. Schedule 4C para 1A provides the calculation of amounts of chargeable gains for settlements that are outstanding at the end of a tax year.
‘Section 1(3) amounts’ are the total amounts of chargeable gains accruing to a person in a tax year after deducting allowable losses in the current and previous tax years.
The regulations come into force on 5 April 2022. HMRC has also published a policy paper to explain the background to the changes.
