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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 12 February 1998 - onwards
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547. Disposals and acquisitions treated as made at market value.

(1) Subject to the Capital Gains Tax Acts, a person's acquisition of an asset shall for the purposes of those Acts be deemed to be for a consideration equal to the market value of the asset where -

(a) the person acquires the asset otherwise than by means of a bargain made at arm's length (including in particular where the person acquires it by means of a gift),

(b) the person acquires the asset by means of a distribution from a company in respect of shares in the company, or

(c) the person acquires the asset wholly or partly -

(i) for a consideration that cannot be valued,

(ii) in connection with the person's own or another person's loss of office or employment or diminution of emoluments, or

(iii) otherwise in consideration for or in recognition of the person's or another person's services or past services in any office or employment or of any other service rendered or to be rendered by the person or another person.

(1A)

(a) Notwithstanding subsection (1), where, by virtue of section

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