Regulation 85Z2 Earlier disposal to which the no gain/no loss basis appliesF1
This regulation applies if—
a participant is chargeable to corporation tax, and
the amount of any chargeable gain or allowable loss which would arise on the disposal would fall to be computed in a way which, in whole or in part, would take account of the indexation allowance on an earlier disposal to which section 56(2) of TCGA 1992 (disposals on a no gain/no loss basis) applies.
The basic gain on the disposal is computed as if—
no indexation allowance had been available on any such earlier disposal, and
subject to that, neither a gain nor a loss had arisen to the person making such an earlier disposal.
Annotations
Textual amendments
- F1
Pt. 6A inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 21 (with regs. 25, 26)