801. Capital sums derived from assets.

Subject to certain exceptions1, there is for the purposes of the Taxation of Chargeable Gains Act 1992 a disposal of assets by their owner where any capital sum is derived2 from assets notwithstanding that no asset is acquired by the person paying the capital sum3. A 'capital sum' means any money or money's worth which is not excluded from the consideration taken into account in the computation of the gain4.

This provision applies in particular to the following:


    (1)     capital sums received by way of compensation for:


      (a)     any kind of damage or injury to assets;


      (b)     the loss, destruction