This section makes provision about the rates at which capital gains tax is charged but has effect subject to—
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Chargeable gains other than carried interest gains (see subsections (4B) and (9) to (11)) accruing in a tax year to an individual are charged to capital gains tax at a rate of 18% or 24%.
The question as to which of the rates applies to the gains concerned is determined by section 1I (income taxed at higher rates or gains exceeding unused basic rate band).
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Chargeable gains accruing in a tax year to an individual that are carried interest gains are charged to capital gains tax at a rate of 32%.
Chargeable gains accruing in a tax year to the personal representatives of a deceased individual that are—
are charged to capital gains tax at a rate of 32%.
Other chargeable gains accruing in a tax year to the personal representatives of a deceased individual are charged to capital gains tax at a rate of 24%.
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... Chargeable gains accruing in a tax year to the trustees of a settlement are charged to capital gains tax at a rate of 24%.
For the purposes of this section chargeable gains are "carried interest gains" if they accrue to an individual ("X")—
A gain is not a carried interest gain under subsection (9)(b) if the carried interest constitutes a co-investment repayment or return.
Expressions used in subsection (9) or (10) have the same meaning as they have in Chapter 5 of Part 3.