83 Reduction in rate of capital gains tax
Finance Act 2016 (2016 c 24) | Legislation

Part 4 Capital Gains Tax

Rate

83  Reduction in rate of capital gains tax

(1)     Section 4 of TCGA 1992 (rates of capital gains tax) is amended as set out in subsections (2) to (12).

(2)     In subsection (1) after “entrepreneurs' relief)” insert “and section 169VC (rate in case of claim for investors' relief)”.

(3)     In subsection (2)—

(a)     after “section” insert “and section 4BA”, and

(b)     for the words from “in respect” to the end substitute—

“(a)     in respect of upper rate gains accruing to a person in a tax year, is 18%, and

(b)     in respect of gains accruing to a person in a tax year which are not upper rate gains, is 10%.”

(4)     After subsection (2) insert—

“(2A)     In this section “upper rate gains” means—

(a)     residential property gains (see section 4BB),

(b)     NRCGT gains (see section 14D), and

(c)     carried interest gains (see subsections (12) and (13)).”

(5)     For subsection (3) substitute—

“(3)     The rate of capital gains tax in respect of gains accruing in a tax year to the trustees of a settlement or the personal representatives of a deceased person—

(a)     in respect of upper rate gains, is

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