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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Concessions subject to repudiation charge

The concessions which are potentially subject to a charge under TCGA92/S284A (3) must

  • either have been published by the Board before 9 March 1999
  • or be a replacement for a concession published before that date, and have substantially the same effect as the previous one.The concession must have had the effect of deferring an immediate gain and increasing a gain (or reducing a loss) on a later disposal as a consequence. It is the repudiation of that additional gain (or reduced loss) that gives rise to a chargeable gain under Section 284A(3).

Concessions include `any practice, interpretation or other statement in the nature of a concession’. This means that the concessions concerned are not simply ones published as formal Extra-Statutory Concessions. Any Statement of Practice which has (or may have) a concessional element is included. So is any statement of the Revenue’s position which has a concessional effect and which is anyone falling within its terms. This means that, for example, an agreement on a particular case that a certain tax treatment of a disposal was appropriate would not be covered, even if the agreement had a concessional element, because it would not be `available generally’.