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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15977
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Can you give me the wording of TCGA 1992 Section 22 (1)(d)

Customer Question

Can you give me the wording of TCGA 1992 Section 22 (1)(d) please?
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.

The legislation is here and the wording of the section you are interested in as follows:

"1)Subject to sections 23 and 26(1), and to any other exceptions in this Act, there is for the purposes of this Act a disposal of assets by their owner where any capital sum is derived from assets notwithstanding that no asset is acquired by the person paying the capital sum, and this subsection applies in particular to—

(d)capital sums received as consideration for use or exploitation of assets."

Let me know if you have any further questions.