Taxation of Chargeable Gains Act 1992 Schedule 4ZZB paragraph 15

Certain disposals after 5 April 2016 (computation involving additional rebasing in 2016)

Paragraph 15 of Schedule 4ZZB deals with how chargeable gains are computed for certain disposals of assets made after 5 April 2016, where an additional rebasing to April 2016 market values applies to the calculation.

• For qualifying disposals after 5 April 2016, the gain or loss may be calculated using the market value of the asset as at 5 April 2016 as the base cost, rather than the original acquisition cost.
• This additional 2016 rebasing applies alongside the existing rebasing rules and is designed to ensure that only gains accruing from 6 April 2016 onwards are brought into charge under the relevant provisions.
• The computation compares the result using the original base cost with the result using the rebased April 2016 value, and specific rules determine which figure is used for the final chargeable gain or allowable loss.
• These provisions were introduced by Finance Act 2019, Schedule 1, paragraph 19, and form part of the broader framework for taxing gains on certain assets — particularly those held by non-residents — following reforms to the territorial scope of capital gains tax.

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