For a gain or loss to be within the scope of tax on chargeable gains, there must be a chargeable disposal of a chargeable asset by a chargeable person. See C1.307, C1.301 and C1.102 respectively. This article summarises the tax treatment in relation to transfers of dormant assets.
Individuals, trustees and personal representatives are subject to capital gains tax on chargeable gains. Companies are subject to corporation tax on chargeable gains. See C1.102.
For a discussion of the computation of chargeable gains and losses, see C1.105. For the rates of tax that apply to chargeable gains, see C1.107.
Dormant assets scheme—background and expansion
Originally, the dormant assets scheme was set up to enable banks and building societies to transfer funds from 'dormant accounts' into an authorised reclaim fund, which in turn transfers the money to the National Lottery Community Fund that then distributes the money to good causes throughout the UK1. 'Dormant accounts' are accounts that have been unused for 15 years and the owner cannot be contacted2. There
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