Taxes Consolidation Act 1997 section 5

Interpretation of Capital Gains Tax Acts

Section 5 defines key terms and sets out rules of construction used throughout the Capital Gains Tax Acts.

• Defines important terms such as land, lease, legatee, shares, unit trust, company, chargeable gain, allowable loss, market value, settled property, and year of assessment for capital gains tax purposes.
• With the recognition of same-sex marriage, gender-specific terms such as husband, wife, married man, and married woman in the Capital Gains Tax Acts can refer to a person of any gender.
• A married couple or civil partners are considered to be living together for capital gains tax if they are also considered as such for income tax purposes.
• Where assets are deemed to be sold and immediately reacquired for capital gains tax purposes, no deduction is allowed for any costs related to that deemed sale and repurchase.