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Finance Act 2015

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This is the original version (as it was originally enacted).

Calculation of gains and losses

This section has no associated Explanatory Notes

8For paragraph 2 substitute—

“2(1)In Cases 1 to 3 below—

(a)paragraph 3 applies for the purposes of computing the gain or loss accruing to P which is ATED-related, and

(b)paragraph 4 applies for the purposes of computing the gain or loss accruing to P which is not ATED-related.

(2)Case 1 is that—

(a)the interest disposed of was held by P on 5 April 2013, and

(b)neither Case 2 nor Case 3 applies.

(3)Case 2 is that—

(a)the interest disposed of was held by P on 5 April 2015,

(b)Case 3 does not apply, and

(c)no relevant single dwelling interest was subject to ATED on one or more days in the period ending with 31 March 2015 during which P held the interest disposed of.

(4)Case 3 is that—

(a)the interest disposed of was held by P on 5 April 2016, and

(b)no relevant single dwelling interest was subject to ATED on one or more days in the period ending with 31 March 2016 during which P held the interest disposed of.

(5)For the purposes of this paragraph—

(a)“relevant single-dwelling interest” means the single-dwelling interest by reference to which Condition B in section 2C is met in relation to the relevant high value disposal, or, if Condition B is met by reference to more than one such interest, each of them;

(b)a relevant single dwelling interest is “subject to ATED” on a day if P—

(i)was within the charge to annual tax on enveloped dwellings with respect to that interest on that day, or

(ii)would have been within that charge but for the day being “relievable” by virtue of any of the provisions mentioned in section 132 of the Finance Act 2013 (ATED: effect of reliefs).

(6)In paragraphs 3 and 4, “the relevant year” means—

(a)in relation to Case 1, 2013;

(b)in relation to Case 2, 2015;

(c)in relation to Case 3, 2016.”

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