Section 1 | Taxation of capital gains.

(1)Tax shall be charged in accordance with this Act in respect of capital gains, that is to say chargeable gains computed in accordance with this Act and accruing to a person on the disposal of assets.

(2)In the circumstances prescribed by the provisions of Part XI of the Taxes Act 1970 and Part VIII of the Taxes Act 1988(taxation of companies and certain other bodies and associations) the tax shall be chargeable in accordance with those provisions, and all the provisions of this Act have effect subject to those provisions.^F1

(3)Subject to the said provisions, capital gains tax shall be charged for all years of assessment in accordance with the following provisions of this Act.