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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
, see all updates

Persons chargeable: companies

TCGA92/SS1 (2), TCGA92/S8 & TCGA92/S288 (1)

For capital gains purposes a company includes any body corporate or unincorporated association but does not include a partnership.

  • Local authorities or local authority associations are not specifically excluded from the definition as they are in ICTA88/S832 (1), but these bodies are exempt from a capital gains charge by virtue of TCGA92/S271 (3).
  • TCGA92/S99 provides that the capital gains code should be applied to a unit trust scheme as if it were a company, but only authorised unit trusts are brought within the charge to Corporation Tax by ICTA88/S468. The consequence is that unauthorised unit trusts are within the charge to Capital Gains Tax and not Corporation Tax, see CG41351.
  • Chargeable gains accruing to a company in a fiduciary or representative capacity are excluded from the charge to Corporation Tax. The company is chargeable to Capital Gains Tax in respect of such gains, see CG40320.