Schedule 1B | [ Residential Property Gains] | Taxation Of Chargeable Gains Act 1992 C12

[SCHEDULE 1B Residential Property Gains]

Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[SCHEDULE 1B Residential Property Gains]

[Meaning of “residential property gain”

(1) For the purposes of Chapter 1 of Part 1 “residential property gain” means so much of a chargeable gain accruing to a person on a disposal of residential property as, in accordance with paragraph 2, is attributable to that property.

(2) The question whether or not a person disposes of residential property is determined in accordance with paragraphs 3 to 7.

Attribution of gain to residential property

(1) The proportion of a chargeable gain attributable to residential property is equal to—

(a) the relevant fraction of the gain, and

(b) if there has been mixed use of the land to which the disposal relates on one or more days in the applicable period, the relevant fraction of the gain as adjusted, on a just and reasonable basis, to take account of the mixed use on the day or days.

(2) The relevant fraction is A/B where—

A is the number of days in the applicable period on which the land to which the disposal relates consists of or includes a dwelling, and

B is the total number of days in the applicable period.

(3)