CITM7040 - Withdrawal of Relief: Meaning of 'disposal'

FA02/SCH16/PARA48; ITA/s379

For the purposes of the CITR scheme ‘disposal’, ‘disposing’ etc have the same meaning as they have in the Taxation of Chargeable Gains Act 1992 (TCGA).

Securities or shares to which community investment tax relief is attributable are treated as being disposed of in certain circumstances where they would not otherwise be treated as disposed of under TCGA (see CITM8020 & CITM8030).

Where the TCGA rules are overridden by FA02/SCH16 & Part 7 of ITA, the CITR treatment applies not only for the purposes of the community investment tax relief, but also for the purposes of capital gains tax and corporation tax on chargeable gains.