CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
FIRST SCHEDULE
Section 5
CAPITAL GAINS (SUPPLEMENTARY PROVISIONS) RULES
1. (1) In these Rules -
INTERPRETATION
"allowable loss" means any loss that is permitted to be deducted in
computing the chargeable gains of any person for a year of income under
rules 3 and 5;
"assets" means all forms of property whether situated in Trinidad and
Tobago or not, including -
(a) options, debts and incorporeal property generally;
(b) any currency other than the currency of Trinidad and Tobago;
(c) any form of property created by the person disposing of it, or
otherwise coming to be owned without being acquired;
"branch or agency" means any factorship, agency, receivership, branch or
management;
"chargeable gains" means every gain accruing on the disposal of an asset
after 1st January 1966 (that is, the commencement of the Finance Act
1966) except so far as otherwise expressly provided by these rules;
"control" shall be construed in accordance with rule 3 of the Third
Schedule of the Corporation Tax Act;
"disposal" except as otherwise expressly provided by these rules has the
meaning assigned to that expression in rule 4;
"legatee" includes any person taking under a testamentary disposition or
on an intestacy or partial intestacy, whether he takes beneficially or as
trustee, and a donation mortis causa shall be treated as a testamentary
disposition and shall not be treated as a gift;
"market value" in relation to any asset means subject to rule 7 the price
which that asset might reasonably be expected to fetch on a sale in the
open market;
BIR Mac Edition 91/01 Page 149