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HMRC internal manual

Capital Gains Manual

Location of assets: interaction between general law and CG legislation

For most types of asset TCGA92/S275 provides rules for deciding whether an asset is situated in the UK for Capital Gains Tax purposes. On the whole these rules follow the treatment which applies in other branches of law. The main exceptions are the rules on the treatment of non-judgment debts in Section 275(1)(c) and those in Section 275(1)(f) concerning ships and aircraft, see CG12430.

There are also rules for determining the location of certain intangible assets at TCGA92/S275A. These are effective from 16 March 2005.

There are also rules in TCGA92/S275C for determining the location of assets which are co-owned by more than one person. The rules are effective from 16 March 2005. See CG12470 for further details.

Where the capital gains legislation requires a treatment which differs from the treatment under general law we apply the treatment required by the capital gains legislation. However if there is no capital gains legislation covering a particular type of asset, the general law is used for capital gains tax purposes.