Taxation of Chargeable Gains Act 1992 Schedule 4B paragraph 13

Assets and transfers

Section 13 defines the meaning of "asset" and "transfer" for the purposes of Schedule 4B, including the treatment of sterling cash as an asset and the scope and limits of what constitutes a transfer.

• The term "asset" includes money expressed in sterling, and any reference to its value or market value simply means its amount.
• A "transfer" of an asset covers anything that is, or is treated as, a disposal of the asset for capital gains tax purposes.
• This broad definition of transfer would also apply if the extended meaning of "asset" (including sterling cash) were used generally throughout the Act.
• However, a transfer does not include the transfer of an asset that comes into existence as a result of a part disposal of another asset.