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Section 97B: Value of benefit conferred by capital payment made by way of making movable property available

Taxation of Chargeable Gains Act 1992 · 1992 c. 12View on legislation.gov.uk

Part III: Individuals, partnerships, trusts and collective investment schemes etc — Chapter II: Settlements

For the purposes of section 97(4), the value of the benefit conferred by a capital payment consisting of making movable property available, without any transfer of the property in it, to a person (P) is, for each tax year in which the benefit is conferred on P—

In subsection (1), in the meaning of CC, the "capital cost" of movable property means an amount equal to the total of—

the amount which is the greater of—
the amount or value of the consideration given for the acquisition of the movable property by, or on behalf of, the person (A) conferring the benefit, and
its market value at the time of that acquisition, and
the amount of any expenditure wholly and exclusively incurred by, or on behalf of, A for the purpose of enhancing the value of the movable property.

If the official rate of interest changes during the relevant period, then in subsection (1) R is the average official rate of interest for the period calculated as follows.

  • Step 1 Multiply each official rate of interest in force during the relevant period by the number of days when it is in force.

  • Step 2 Add together the products found in Step 1.

  • Step 3 Divide the total found in Step 2 by the number of days in the relevant period.

In subsections (1) and (2), "movable property" means any tangible movable property other than money.

About this text

This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.