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Married persons.
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13.—(1) Subject to the provisions of this section, the amount of capital gains tax on chargeable gains accruing to a married woman in a year of assessment, or part of a year of assessment, during which she is a married woman living with her husband shall be assessed and charged on the husband and not otherwise, but this subsection shall not affect the amount of capital gains tax chargeable on the husband apart from this subsection nor result in the additional amount of capital gains tax charged on the husband by virtue of this subsection being different from the amount which would otherwise have remained chargeable on the married woman.
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(2) Subsection (1) shall not apply in relation to a husband and wife in any year of assessment if, before the 6th day of July in the year next following that year of assessment, an application is made by either the husband or wife that subsection (1) shall not apply, and such an application duly made shall have effect not only as respects the year of assessment for which it is made but also for any subsequent year of assessment:
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Provided that if the applicant gives, for any subsequent year of assessment, a notice withdrawing that application, the application shall not have effect with respect to the year for which the notice is given or any subsequent year but such notice of withdrawal shall not be valid unless it is given before the 6th day of July in the year next following the year of assessment for which the notice is given.
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(3) In the case of a woman who, during a year of assessment or part of a year of assessment, is a married woman living with her husband any allowable loss which, under section 5 (1), would be deductible from the chargeable gains accruing in that year of assessment to the one spouse but for an insufficiency of chargeable gains shall, for the purposes of that subsection, be deductible from chargeable gains accruing in that year of assessment to the other:
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Provided that this subsection shall not apply in relation to losses accruing in a year of assessment to either if an application that this subsection shall not apply is made by the husband or the wife before the 6th day of July in the year next following that year of assessment.
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(4) In applying the provisions of section 16 (gains of £500 and under), and in particular in ascertaining the amount of an individual's chargeable gains for a year of assessment for the purposes of those provisions, it shall be assumed that subsection (1) applies for all years of assessment but where, by virtue of subsection (2), any amount is chargeable and assessable on a married woman, the exemption afforded by the said section 16 shall be apportioned between the husband and the wife according to the respective amounts of their chargeable gains for the year of assessment.
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(5) Where in any year of assessment in which, or in part of which, the married woman is a married woman living with her husband, the husband disposes of an asset to the wife, or the wife disposes of an asset to the husband, both shall be treated as if the asset was acquired from the one making the disposal for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the one making the disposal:
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Provided that this subsection shall not apply if, until the disposal, the asset formed part of trading stock of a trade carried on by the one making the disposal, or if the asset is acquired as trading stock for the purposes of a trade carried on by the one acquiring the asset.
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(6) Subsection (5) shall have effect notwithstanding the provisions of paragraph 15 of Schedule 1 or of any other provisions of this Act fixing the amount of the consideration deemed to be given on a disposal or acquisition.
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(7) Where subsection (5) is applied in relation to a disposal of an asset by a husband to his wife, or by his wife to him, then in relation to a subsequent disposal of the asset (not within the said subsection) the one making the disposal shall be treated for the purposes of this Act as if the other's acquisition or provision of the asset had been his or her acquisition or provision of it.
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(8) An application or notice of withdrawal under this section shall be in such form and made in such manner as may be prescribed.
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