Taxation of Chargeable Gains Act 1992 Schedule 7AC paragraph 28

Meaning of "twelve-month period"

Paragraph 28 of Schedule 7AC defines the term "twelve-month period" as used throughout the Schedule for the purposes of the substantial shareholding exemption.

• A "twelve-month period" ends on the day before the first anniversary of the day on which the period began.
• The period can begin either with a specific day or in the course of a specific day.
• This definition ensures that a twelve-month period spans exactly one year, measured from the start date to the day before the corresponding date in the following year.
• The definition applies consistently wherever the term "twelve-month period" appears in Schedule 7AC.