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HMRC internal manual

Capital Gains Manual

Local Authorities: definition and exemption

TCGA92/S271, TCGA92/S288, ICTA88/S519, ICTA88/S842A

TCGA92/S288 (1) introduces for capital gains purposes the definition of `local authority’ contained in ICTA88/S842A. A local authority and a local authority association (as defined in ICTA88/S519 (3)(a)) are exempt from Capital Gains Tax by virtue of TCGA92/S271 (3).