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Where the asset is an interest in UK land, an election can be made for the charge to accrue instead when the property is eventually disposed of. This code has been re-issued to reflect some of the amendments to the Proceeds of Crime Act 2002 (POCA) arising from the commencement of the Criminal Finances Act 2017 in Northern Ireland Introduction trading companies, where the company carries out trading activities and does not carry out (to a substantial extent) non-trading activities Relief may also be available when a person becomes entitled to trust property, or where trustees are treated as if they had made a disposal (except in cases concerning anti-avoidance provisions). When this helpsheet refers to gifts, you should assume it includes these cases unless other definitions exclude them.
Where the power to search a person is exercised under section 289(3), the officer may (so far as they think necessary or expedient for the purposes of searching for cash to which the power applies) require the person:This also applies when a transfer, that’s initially a PET, retrospectively becomes a chargeable transfer, provided that it was a case where a claim was made within categories 1 to 3. See Helpsheet 281 Capital Gains Tax, civil partners and spouses. Reliefs available for gifts and similar transactions However, this is not an exhaustive list of assigned matters. Limitation on exercise of powers by immigration officers
An officer who has carried out a search under section 289 should make a written record of the search at the time, unless there are exceptional circumstances that could make this impractical. If such a written record is not made at the time then the officer should do so as soon as is reasonably practical thereafter and also set out the reasons for the delay in making the written record. There may be situations in which it is not practical to obtain all the information necessary to complete a written record, but the officer should make every reasonable effort to do so and, if necessary, complete a partial record. If the asset was transferred to trustees and the life tenant dies, the trustees do not have the normal exemption on the death, but the chargeable gain is restricted to the held-over gain. If this is an occasion of charge to Inheritance Tax, a claim can be made under category 4 (see the section disposals that qualify for Hold-over Relief). How to claim Hold-over Relief Before seeking consent the officer in charge of the search should explain to the person the purpose of the proposed search and its extent. This information should be as specific as possible. The person concerned should be clearly informed and should clearly understand that they are not obliged to give consent and that any consent given can be withdrawn at any time, including before the search starts or while it is underway. The officer should record what information they provided to the person, together with any responses, in writing. the officer should give the person who is entitled to grant entry to the premises their name or other identifier, subject to the provisions in POCA relating to pseudonyms of officers of the NCA and members of staff of a relevant Director; [footnote 34]Exceptionally, listed shares and securities can qualify. This is where the trading company or holding company is your personal company or, in the case of trustees, where the trustees have not less than 25% of the voting rights. Where you’ve made a gift of a Qualifying Corporate Bond that you received in exchange for shares, that’s a disposal which gives rise to a chargeable gain by reference to the original shares. The 10-yearly charge on the trustees of a relevant property trust is not taken into account because it is not a disposal for CGT purposes.
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