Part 2 Income Tax and Capital Gains Tax
Finance Act 2012 (2012 c 14) | Legislation

Part 2 Income Tax and Capital Gains Tax

Taxes affected

2

(1)     This Part applies to an individual's liability to income tax and capital gains tax.

(2)     It does not apply to any liability arising as a trustee or personal representative.

(3)     Subject to sub-paragraph (2)—

(a)     a reference in this Part to an individual's “tax liability†is to the individual's liability to income tax and capital gains tax, and

(b)     references to an amount of or on account of “tax†are to be read accordingly.

The basic rule

3

(1)     If an individual (“Nâ€) makes a qualifying gift, a portion of N's tax liability for each relevant tax year is to be treated as satisfied, as if N had paid that portion when it became due (or on the offer registration date, if the portion became due before that date).

(2)     A “relevant tax year†is a tax year identified in the agreed terms as a tax year to which this paragraph is to apply.

(3)     Up to 5 tax years may be identified in the agreed terms, but each one must be either—

(a)     the tax year in which the offer registration date

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