Office of Public Sector Information
PART III continued
(1) At the end of section 168A(11) of the Taxes Act 1988 (mobile telephones not accessories for purpose of determining price of car) there shall be inserted “or equipment which falls within section 168AA”.
(2) After section 168A of the Taxes Act 1988 there shall be inserted—
(1) Equipment falls within this section if it is designed solely for use by a chronically sick or disabled person.
(2) Equipment also falls within this section if—
(a) at the time when the car is first made available to the employee, the employee holds a disabled person’s badge, and
(b) the equipment is made available for use with the car because the equipment enables him to use the car in spite of the disability entitling him to hold the badge.
(3) In subsection (2) above “disabled person’s badge” means a badge—
(a) which is issued to a disabled person under section 21 of the Chronically Sick and Disabled Persons Act 1970 or section 14 of the [1978 c. 53.] [1970 c. 44.] Chronically Sick and Disabled Persons (Northern Ireland) Act 1978 (or which has effect as if so issued), and
(b) which is not required to be returned to the issuing authority under or by virtue of the section in question.
(4) Subsection (12) of section 168A applies for the purposes of this section as it applies for the purposes of that.”
(3) This section shall have effect for the year 1995-96 and subsequent years of assessment.
(1) In Chapter II of Part V of the Taxes Act 1988 (benefits in kind, &c.), section 160 (beneficial loan arrangements) is amended as follows.
(2) In subsection (5) (interpretation), paragraph (b) (references to loan to include any replacement loan) shall cease to have effect.
(3) After subsection (3) (deemed continuance of employment to which that Chapter applies) insert—
“(3A) Where subsection (3) above applies, a loan which—
(a) is applied directly or indirectly to the replacement of any such loan as is mentioned in paragraph (a) of that subsection, and
(b) would, if the employment referred to in that subsection had not terminated or, as the case may be, ceased to be employment to which this Chapter applies, have been a loan the benefit of which was obtained by reason of that employment,
shall, unless it is a loan the benefit of which was obtained by reason of other employment, be treated as a loan the benefit of which was obtained by reason of that employment.”.
(4) In paragraph 4 of Schedule 7 to the Taxes Act 1988 (loans obtained by reason of employment: normal method of calculation of benefit (averaging)), make the present provision sub-paragraph (1) and after it insert—
“(2) Where an employment-related loan is replaced, directly or indirectly—
(a) by a further employment-related loan, or
(b) by a non-employment-related loan which in turn is, in the same year of assessment or within 40 days thereafter, replaced, directly or indirectly, by a further employment-related loan,
sub-paragraph (1) above applies as if the replacement loan or, as the case may be, each of the replacement loans were the same loan as the first-mentioned employment-related loan.
(3) For the purposes of sub-paragraph (2) above “employment-related loan” means a loan the benefit of which is obtained by reason of a person’s employment (and “non-employment-related loan” shall be construed accordingly).
(4) The references in sub-paragraph (2) above to a further employment-related loan are to an employment-related loan the benefit of which is obtained by reason of—
(a) the same or other employment with the person who is the employer in relation to the first-mentioned employment-related loan, or
(b) employment with a person who is connected (within the meaning of section 839) with that employer.”.
(5) The above amendments have effect for the year 1995-96 and subsequent years of assessment and apply to loans whether made before or after the passing of this Act.
(1) Chapter IA of Part V of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992 (roll-over relief on re-investment) shall be amended as follows.
(2) In section 164A (relief on re-investment for individuals) the following subsection shall be inserted after subsection (12)—
“(13) Where an acquisition is made on or after 29th November 1994 section 164H shall be ignored in deciding whether it is an acquisition of a qualifying investment for the purposes of this section.”
(3) In section 164F (failure of conditions of relief) the following subsection shall be inserted after subsection (2)—
“(2A) In deciding for the purposes of subsection (2)(b) above whether a company is a qualifying company at a time falling on or after 29th November 1994 section 164H shall be ignored.”
(4) In section 164I (qualifying trades) the following subsection shall be inserted after subsection (4)—
“(4A) In deciding whether a trade complies with this section at a time falling on or after 29th November 1994 paragraphs (g) and (h) of subsection (2) above shall be ignored.”
(1) Chapter IA of Part V of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992 (roll-over relief on re-investment) shall be amended as follows.
(2) In section 164A after subsection (13) (inserted by section 46 above) there shall be inserted—
“(14) This section is subject to sections 164FF and 164FG.”
(3) In section 164F after subsection (10B) there shall be inserted—
“(10C) Subsection (10A) above is subject to sections 164FF and 164FG.”
(4) After section 164F there shall be inserted—
(1) This section applies where—
(a) a claim is made under subsection (2) of section 164A or subsection (10A) of section 164F; and
(b) the qualifying investment as respects which the claim is made is acquired by a disposal to which section 58 applies.
(2) The amounts by reference to which the reduction is determined shall be treated as including the amount of the consideration which the claimant would under this Act be treated as having given for the qualifying investment if he had, immediately upon acquiring the qualifying investment, disposed of it on a disposal which was not a no gain/no loss disposal.
(3) Where—
(a) the claimant makes a disposal, which is not a no gain/no loss disposal, of the qualifying investment, and
(b) any disposal after 31st March 1982 and before he acquired the qualifying investment was a no gain/no loss disposal,
nothing in paragraph 1 of Schedule 3, section 35 or section 55 shall operate to defeat the reduction falling to be made under section 164A(2)(b) or, as the case may be, section 164F(10A)(b) in the consideration for the acquisition of the qualifying investment.
(4) Where—
(a) the claimant makes a disposal of the qualifying investment and that disposal is a disposal to which section 58 applies, and
(b) any disposal after 31st March 1982 and before the claimant acquired the qualifying investment was a no gain/no loss disposal,
nothing in the application of paragraph 1 of Schedule 3, section 35 or section 55 to the person to whom the claimant makes the disposal of the qualifying investment shall operate to defeat the reduction made under section 164A(2)(b) or, as the case may be, section 164F(10A)(b).
(5) For the purposes of this section a no gain/no loss disposal is one on which by virtue of any of the enactments specified in section 35(3)(d) neither a gain nor a loss accrues.”
(5) After section 164FF (inserted by subsection (4) above) there shall be inserted—
(1) This section applies where—
(a) a reduction is claimed by a person as respects a qualifying investment under subsection (2) of section 164A or subsection (10A) of section 164F; and
(b) any other reduction has been or is being claimed by that person under either subsection as respects that investment.
(2) Subject to subsection (5) below, the reductions shall be treated as claimed separately in such sequence as the claimant elects or an officer of the Board in default of an election determines.
(3) In relation to a later claim as respects the qualifying investment under either subsection, the subsection shall have effect as if each of the relevant amounts were reduced by the aggregate of any reductions made in the amount or value of the consideration for the acquisition of that investment by virtue of any earlier claims as respects that investment.
(4) In subsection (3) above “the relevant amounts” means—
(a) if the claim is under section 164A(2), the amounts referred to in subsection (2)(a)(ii) and (iii) and any amount required to be included by virtue of section 164FF(2); and
(b) if the claim is under section 164F(10A), the amounts referred to in subsection (10A)(a)(i) and (ii) and any amount required to be included by virtue of section 164FF(2).
(5) A claim that has become final shall be treated as made earlier than any claim that has not become final.
(6) For the purposes of subsection (5) above, a claim becomes final when—
(a) it may no longer be amended, or
(b) it is finally determined,
whichever occurs first.”
(6) Subsection (4) above (and subsections (1) to (3) above so far as relating to subsection (4) above) shall apply to a claim as respects a qualifying investment if—
(a) the qualifying investment is acquired on or after 20th June 1994; or
(b) the claim is under section 164A(2) and relates to a disposal on or after that day; or
(c) the claim is under subsection (10A) of section 164F and relates to a gain which (apart from that subsection) would accrue on or after that day.
(7) Subsection (5) above (and subsections (1) to (3) above so far as relating to subsection (5) above) shall apply to a claim as respects a qualifying investment if—
(a) the qualifying investment is acquired on or after 20th June 1994; or
(b) the claim is under section 164A(2) and relates to a disposal on or after that day; or
(c) the claim is under subsection (10A) of section 164F and relates to a gain which (apart from that subsection) would accrue on or after that day; or
(d) there is another claim as respects that qualifying investment which is under section 164A(2) and which relates to a disposal on or after that day; or
(e) there is another claim as respects that qualifying investment which is under subsection (10A) of section 164F and which relates to a gain which (apart from that subsection) would accrue on or after that day.
(8) Any such adjustment as is appropriate in consequence of this section may be made (whether by discharge or repayment of tax, the making of an assessment or otherwise).
(1) In section 175 of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992 (replacement of business assets by members of a group), after subsection (2) there shall be inserted the following subsections—
“(2A) Section 152 shall apply where—
(a) the disposal is by a company which, at the time of the disposal, is a member of a group of companies,
(b) the acquisition is by another company which, at the time of the acquisition, is a member of the same group, and
(c) the claim is made by both companies,
as if both companies were the same person.
(2B) Section 152 shall apply where a company which is a member of a group of companies but is not carrying on a trade—
(a) disposes of assets (or an interest in assets) used, and used only, for the purposes of the trade which (in accordance with subsection (1) above) is treated as carried on by the members of the group which carry on a trade, or
(b) acquires assets (or an interest in assets) taken into use, and used only, for those purposes,
as if the first company were carrying on that trade.
(2C) Section 152 shall not apply if the acquisition of, or of the interest in, the new assets—
(a) is made by a company which is a member of a group of companies, and
(b) is one to which any of the enactments specified in section 35(3)(d) applies.”
(2) In section 247 of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992 (roll-over relief on compulsory acquisition of land), after subsection (5) there shall be inserted the following subsection—
“(5A) Subsections (2A) and (2C) of section 175 shall apply in relation to this section as they apply in relation to section 152 (but as if the reference in subsection (2C) to the new assets were a reference to the new land).”
(3) Subject to subsection (4) below—
(a) the subsection inserted into section 175 of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992 by subsection (1) above as subsection (2A) shall be deemed always to have had effect; and
(b) the earlier enactments corresponding to that section shall be deemed to have contained provision to the same effect as that subsection (2A).
(4) Paragraph (c) of that subsection (2A) shall not apply unless the claim is made on or after 29th November 1994.
(5) The subsection inserted into section 175 of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992 by subsection (1) above as subsection (2B) shall apply where the disposal or the [1992 c. 12.] acquisition is on or after 29th November 1994; and the subsection so inserted as subsection (2C) shall apply where the acquisition is on or after that date.
(6) The subsection inserted into section 247 of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992 by subsection (2) above shall apply—
(a) so far as it relates to section 175(2A), where the disposal or the acquisition is on or after 29th November 1994; and
(b) so far as it relates to section 175(2C), where the acquisition is on or after that date.
(1) In section 179 of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992 (de-grouping charges), after subsection (2) there shall be inserted the following subsections—
“(2A) Where—
(a) a company that has ceased to be a member of a group of companies (“the first group”) acquired an asset from another company which was a member of that group at the time of the acquisition,
(b) subsection (2) above applies in the case of that company’s ceasing to be a member of the first group so that subsection (1) above does not have effect as respects the acquisition of that asset,
(c) the company that made the acquisition subsequently ceases to be a member of another group of companies (“the second group”), and
(d) there is a connection between the two groups,
subsection (1) above shall have effect in relation to the company’s ceasing to be a member of the second group as if it had been the second group of which both companies had been members at the time of the acquisition.
(2B) For the purposes of subsection (2A) above there is a connection between the first group and the second group if, at the time when the chargeable company ceases to be a member of the second group, the company which is the principal company of that group is under the control of—
(a) the company which is the principal company of the first group or, if that group no longer exists, which was the principal company of that group when the chargeable company ceased to be a member of it;
(b) any company which controls the company mentioned in paragraph (a) above or which has had it under its control at any time in the period since the chargeable company ceased to be a member of the first group; or
(c) any company which has, at any time in that period, had under its control either—
(i) a company which would have fallen within paragraph (b) above if it had continued to exist, or
(ii) a company which would have fallen within this paragraph (whether by reference to a company which would have fallen within that paragraph or to a company or series of companies falling within this sub-paragraph).”
(2) After subsection (9) of that section there shall be inserted the following subsection—
“(9A) Section 416(2) to (6) of the Taxes Act (meaning of control) shall have effect for the purposes of subsection (2B) above as it has effect for the purposes of Part XI of that Act; but a person carrying on a business of banking shall not for the purposes of that subsection be regarded as having control of any company by reason only of having, or of the consequences of having exercised, any rights of that person in respect of loan capital or debt issued or incurred by the company for money lent by that person to the company in the ordinary course of that business.”
(3) This section has effect in relation to a company in any case in which the time of the company’s ceasing to be a member of the second group is on or after 29th November 1994.
In section 117 of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992 (qualifying corporate bonds) the following subsection shall be inserted after subsection (2)—
“(2A) Where it falls to be decided whether at any time on or after 29th November 1994 a security (whenever issued) is a corporate bond for the purposes of this section, a security which falls within paragraph 2(2)(c) of Schedule 11 to the [1989 c. 26.] Finance Act 1989 (quoted indexed securities) shall be treated as not being a corporate bond within the definition in subsection (1) above.”
Schedule 8 to this Act has effect in relation to companies carrying on life assurance business, as follows—
Part I contains general amendments,
Part II contains amendments of provisions relating to overseas life insurance companies, and
Part III contains supplementary provisions.
(1) In section 431(2) of the Taxes Act 1988 (interpretation of provisions relating to insurance companies), for the definition of “insurance company” there shall be substituted the following definition—
““insurance company” means any company which is—
(a) a company to which Part II of the [1982 c. 50.] Insurance Companies Act 1982 applies, or
(b) an EC company carrying on insurance business through a branch or agency in the United Kingdom,
and in this definition “EC company” and “insurance business” have the same meanings as in that Act of 1982;”.
(2) In section 168(7) of the Finance Act 1993 (meaning of “insurance company” for the purposes of provisions relating to exchange gains and losses), for the words from “a company” onwards there shall be substituted “any company which carries on any insurance business (within the meaning of the [1993 c. 34.] Insurance Companies Act 1982).”
(3) In section 177(1) of the [1994 c. 9.] Finance Act 1994 (interpretation of provisions relating to financial instruments), in the definition of “insurance company”, for the words “to which Part II of the Insurance Companies Act 1982 applies” there shall be substituted “which carries on any insurance business (within the meaning of the [1994 c. 9.] Insurance Companies Act 1982);”.
(4) In section 59(3)(b) of the Inheritance Tax Act 1984 (interests of insurance companies acquired before 14th March 1975 to be qualifying interests in possession), for the words from “if” onwards there shall be substituted “if the company is an insurance company (within the meaning of Chapter I of Part XII of the [1984 c. 51.] Taxes Act 1988) and either—
(i) is authorised to carry on long term business under section 3 or 4 of the [1982 c. 50.] Insurance Companies Act 1982; or
(ii) carries on through a branch or agency in the United Kingdom the whole or any part of any long term business which it is authorised to carry on by an authorisation granted outside the United Kingdom for the purposes of the first long term insurance Directive;
and in paragraph (b) above “long term business” and “the first long term insurance Directive” have the same meanings as in that Act of 1982.”
(5) Subsections (1) to (3) above shall have effect in relation to any accounting period ending after 30th June 1994; and subsection (4) above shall have effect for the purposes of the making, on an anniversary or other occasion after that date, of any charge to tax under section 64 or 65 of the [1984 c. 51.] Inheritance Tax Act 1984.
(1) The amendments specified in Schedule 9 to this Act (which relate to enactments referring to the transfer of the whole or part of the long term business of an insurance company) shall have effect.
(2) This section and that Schedule shall have effect in relation to any transfers sanctioned or authorised after 30th June 1994.
Schedule 10 to this Act (which makes provision about friendly societies) shall have effect.
(1) Subject to subsections (2) and (3) below—
(a) paragraph 21 of Schedule 15 to the Taxes Act 1988 (certification of policies and of standard forms etc.) shall not apply, in relation to any time on or after 5th May 1996, for determining whether a policy is or would be a qualifying policy at that time; and
(b) no certificate may be issued under that paragraph at any time on or after that date except, in the case of a certificate under sub-paragraph (1)(a) of that paragraph, in relation to a time before that date.
(2) Subsection (1) above shall not affect the right of any person to bring or continue with an appeal under paragraph 21(3) of that Schedule against either a refusal before 5th May 1996 to certify any policy or a refusal on or after that date to certify any policy in relation to times before that date.
(3) A certificate issued—
(a) before 5th May 1996 in pursuance of paragraph 21(1)(a) of that Schedule, or
(b) in pursuance of a determination on an appeal determined after that date by virtue of subsection (2) above,
shall, in relation to any time on or after that date or, as the case may be, the date on which it is issued, be conclusive evidence that the policy to which it relates is (subject to any variation of the policy) a qualifying policy.
(4) Paragraph 22 of that Schedule (certificates from body issuing policy) shall cease to have effect in relation to any time on or after 5th May 1996.
(5) Paragraph 24 of that Schedule (policies issued by non-resident companies) shall have effect in relation to times on or after 5th May 1996—
(a) with the substitution of the following sub-paragraphs for sub-paragraph (2)—
“(2) Subject to section 55(3) of the Finance Act 1995 (transitional provision for the certification of certain policies), a new non-resident policy that falls outside sub-paragraph (2A) below shall not be a qualifying policy until such time as the conditions in sub-paragraph (3) are fulfilled with respect to it.
(2A) A policy falls outside this sub-paragraph unless, at the time immediately before 5th May 1996, it was a qualifying policy by virtue of sub-paragraphs (2)(b) and (4) of this paragraph, as they had effect in relation to that time.”; and
(b) with the omission, in sub-paragraph (3), of the word “first” and of sub-paragraph (4).
(6) In paragraph 25 of that Schedule (policies substituted for policies issued by non-resident companies), for sub-paragraph (2) there shall be substituted the following sub-paragraph—
“(2) The modifications are the following—
(a) if, apart from paragraph 24, the old policy or any related policy (within the meaning of paragraph 17(2)(b)) of which account falls to be taken would have been a qualifying policy, that policy shall be assumed to have been a qualifying policy for the purposes of paragraph 17(2); and
(b) if, apart from this paragraph, the new policy would be a qualifying policy, it shall not be such a policy unless the circumstances are as specified in paragraph 17(3); and
(c) in paragraph 17(3)(c) the words “either by a branch or agency of theirs outside the United Kingdom or” shall be omitted;
and references in this sub-paragraph to being a qualifying policy shall have effect, in relation to any time before 5th May 1996, as including a reference to being capable of being certified as such a policy.”
(7) In paragraph 27(1) of that Schedule, except so far as it has effect for the purposes of any case to which paragraph 21 of that Schedule applies by virtue of the preceding provisions of this section, for “paragraphs 21 and” there shall be substituted “paragraph”.
(8) In section 553 of the Taxes Act 1988 (which contains provisions referring to paragraph 24(3) or (4) of Schedule 15 to that Act)—
(a) in subsection (2), for the words from “neither” to “fulfilled” there shall be substituted “the conditions in paragraph 24(3) of Schedule 15 to this Act are not fulfilled”; and
(b) in subsection (7), for “either sub-paragraph (3) or sub-paragraph (4)” there shall be substituted “sub-paragraph (3)”;
but this subsection shall not affect the operation of Chapter II of Part XIII of that Act in relation to any policy in relation to which the conditions in paragraph 24(4) of Schedule 15 to that Act, as it then had effect, were fulfilled at times in accounting periods before those in relation to which section 103 of the Finance Act 1993 (which repealed section 445 of the [1993 c. 34.] Taxes Act 1988) had effect.
(1) In section 547 of the Taxes Act 1988 (charging of certain gains arising in connection with insurance policies etc.), in subsection (5A), for “subsection (7)” there shall be substituted “subsection (6A) or (7)”; and after subsection (6) of that section there shall be inserted the following subsection—
“(6A) Subsection (6) above shall not apply in relation to a gain treated as arising in connection with a contract for a life annuity in any case where the Board are satisfied, on a claim made for the purpose—
(a) that the company liable to make payments under the contract (“the grantor”) has not, at any time (“a relevant time”) between the date on which it entered into the contract and the date on which the gain is treated as arising, been resident in the United Kingdom;
(b) that at all relevant times the grantor has—
(i) as a body deriving its status as a company from the laws of a territory outside the United Kingdom,
(ii) as a company with its place of management in such a territory, or
(iii) as a company falling, under the laws of such a territory, to be regarded, for any other reason, as resident or domiciled in that territory,
been within a charge to tax under the laws of that territory;
(c) that that territory is a territory within the European Economic Area when the gain is treated as arising;
(d) that the charge to tax mentioned in paragraph (b) above has at all relevant times been such a charge made otherwise than by reference to profits as (by disallowing their deduction in computing the amount chargeable) to require sums payable and other liabilities arising under contracts of the same class as the contract in question to be treated as sums or liabilities falling to be met out of amounts subject to tax in the hands of the grantor;
(e) that the rate of tax fixed for the purposes of that charge in relation to the amounts subject to tax in the hands of the grantor (not being amounts arising or accruing in respect of investments that are of a particular description for which a special relief or exemption is generally available) has at all relevant times been at least 20 per cent.; and
(f) that none of the grantor’s obligations under the contract in question to pay any sum or to meet any other liability arising under that contract is or has been the subject, in whole or in part, of any reinsurance contract relating to anything other than the risk that the annuitant will die or will suffer any sickness or accident;
and subsection (6) above shall also not apply where the case would fall within paragraphs (a) to (f) above if references to a relevant time did not include references to any time when the contract fell to be regarded as forming part of so much of any basic life assurance and general annuity business the income and gains of which were subject to corporation tax as was being carried on through a branch or agency in the United Kingdom.”
(2) In section 553 of that Act (non-resident policies and off-shore capital redemption policies), in subsection (6), for “subsection (7)” there shall be substituted “subsections (6A) and (7)”; and after that subsection there shall be inserted the following subsection—
“(6A) Paragraphs (a) and (b) of subsection (6) above do not apply to a gain in a case where the Board are satisfied, on a claim made for the purpose—
(a) that the insurer has not, at any time (“a relevant time”) between the making of the insurance and the date on which the gain is treated as arising, been resident in the United Kingdom;
(b) that at all relevant times the insurer has—
(i) as a body deriving its status as a company from the laws of a territory outside the United Kingdom,
(ii) as a company with its place of management in such a territory, or
(iii) as a company falling, under the laws of such a territory, to be regarded, for any other reason, as resident or domiciled in that territory,
been within a charge to tax under the laws of that territory;
(c) that that territory is a territory within the European Economic Area when the gain is treated as arising;
(d) that the charge to tax mentioned in paragraph (b) above has at all relevant times been such a charge made otherwise than by reference to profits as (by disallowing their deduction in computing the amount chargeable) to require sums payable and other liabilities arising under policies of the same class as the policy in question to be treated as sums or liabilities falling to be met out of amounts subject to tax in the hands of the insurer;
(e) that the rate of tax fixed for the purposes of that charge in relation to the amounts subject to tax in the hands of the insurer (not being amounts arising or accruing in respect of investments that are of a particular description for which a special relief or exemption is generally available) has at all relevant times been at least 20 per cent.; and
(f) that none of the insurer’s obligations under the policy in question to pay any sum or to meet any other liability arising under that policy is or has been the subject, in whole or in part, of any reinsurance contract relating to anything other than the risk that the person whose life is insured by the policy will die or will suffer any sickness or accident;
and paragraphs (a) and (b) of subsection (6) above shall also not apply where the case would fall within paragraphs (a) to (f) above if references to a relevant time did not include references to any time when the conditions required to be fulfilled in relation to that time for the purposes of subsection (7) below were fulfilled.”
(3) For the purpose of securing that section 547(5) of the Taxes Act 1988 has effect in other cases (in addition to those specified in sections 547(6A) and 553(6A)) where it appears to the Board appropriate for section 547(6) or 553(6) to be disapplied by reference to tax chargeable under the laws of a territory outside the United Kingdom, the Board may by regulations provide that the cases described in subsection (6A) of each of sections 547 and 553 of that Act are to be treated as including cases, being cases which would not otherwise fall within the subsection, where the conditions specified in the regulations are fulfilled in relation to any time (including one before the making of the regulations).
(4) This section shall apply in relation to any gain arising on or after 29th November 1994 and in relation to any gain arising before that date the income tax on which has not been the subject of an assessment that became final and conclusive before that date.[1982 c. 50.] [1982 c. 50.]
Finance Act 1995