{
  "url": "https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992/schedule-4/paragraph-5",
  "json_url": "https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992/schedule-4/paragraph-5.json",
  "legislation": "ukpga/1979/14",
  "legislation_title": "Capital Gains Tax Act 1979 (repealed 6.3.1992)",
  "legislation_url": "https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992",
  "path": "schedule/4/paragraph/5",
  "kind": "paragraph",
  "number": "5",
  "heading": null,
  "text": "(1) If, in the case of a disposal of an asset, the asset was not used for the purposes of the trade, profession or vocation referred to in paragraph (a) of the principal provision throughout the period of its ownership by the transferor, the amount of the held-over gain shall be reduced by multiplying it by the fraction of which the denominator is the number of days in that period of ownership and the numerator is the number of days in that period during which the asset was so used.\n(2) This paragraph shall not apply where the circumstances are such that a reduction in respect of the asset—\n(a) is made under Chapter II of Part V of the Capital Transfer Tax Act 1984 in relation to a chargeable transfer taking place on the occasion of the disposal, or\n(b) would be so made if there were a chargeable transfer on that occasion, or\n(c) would be so made but for section 124A of that Act (assuming, where there is no chargeable transfer on that occasion, that there were).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 4 para. 5(2) added by Finance Act 1989 (c. 26, SIF 63:2), s. 124 and Sch. 14 para. 3(5)(c)(d)(6) in relation to disposals on or after 14 March 1989 (except where relief given under Finance Act 1980 (c. 48, SIF 63:1), s. 79 in respect of a disposal before that date)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1979/14/schedule/4/paragraph/5",
    "retrieved_at": "2026-10-29T10:18:25.768570+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}