National heritage: Capital Gains Tax reliefs
There are a number of CGT reliefs. TCGA92/S258 gives three types of relief:
- No gain/no loss treatment on a gift of an asset, or if a person becomes absolutely entitled to an asset as against the trustee, and the appropriate undertaking is given, TCGA92/S258(3). See CG73320.
- Exemption on the disposal of an asset to a particular type of body, TCGA92/S258(2)(a). See CG73330.
- Exemption on the disposal of an asset to HMRC in lieu of Inheritance Tax or Estate Duty, TCGA92/S258(2)(b). See CG73335.
See CG73310 for guidance on the assets that qualify for relief under section 258.
All claims to relief under TCGA92/S258 should be referred to Specialist PT - IHT - Heritage Team:
PO Box 38
Castle Meadow road
Email: Mailpoint F, - (Specialist PT Trusts & Estates)
Other reliefs are:
Holdover relief under TCGA92/S260(2). See CG73400.
No gain/no loss treatment if an asset is gifted or sold at a loss and undervalue to a charity or body within Schedule 3 IHTA 1984, TCGA92/S257. See CG67515.