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HMRC internal manual

Capital Gains Manual

Computation: interaction with other taxes: IT: sums chargeable as income

This exclusion does not apply to

  • premiums chargeable under Schedule A, see CG70900+
  • consideration which has been taken into account for capital allowance purposes, see CG15400+.
  • situations where the income in question is not treated as the income of the person making the disposal. Typically this is a case of a settlor interested trust where the income is taxed on the settlor. If in this situation the settlor is assessable to both income tax and capital gains tax then relief may be available under S32 TMA1970.