CG16980 - Rebasing: deferred charges: gains pre-31/3/82: introduction

TCGA92/SCH4

There are a number of provisions, apart from the no gain/no loss provisions, under which tax on capital gains on a disposal can be deferred until some later time. The most common ones are the hold-over relief provisions for gifts and roll-over relief for the replacement of business assets. Where, under one of these provisions, there has been a deferral after 31 March 1982 and before 6 April 1988, the benefit of capital gains rebasing to 1982 will not be available. This is because the event triggering the charge on the deferred gains is not the disposal on or after 6 April 1988 of an asset which the taxpayer held on 31 March 1982. In some cases, it will be the disposal of an asset which the taxpayer acquired later; in others, the charge does not arise on a disposal at all but on some other event (for example, the taxpayer becoming non-resident or a company leaving a group).