# Finance Act 1980, Paragraph 18


(1) For the purposes of section 9 in its application to the transfer period, the accumulated capital expenditure at the end of that period of the old participator and the new participator respectively shall be treated as equal to the aggregate of—
(a) the pre-transfer fraction of what (apart from this paragraph) would be the amount of his accumulated capital expenditure for the purposes of that section at the end of that period if any transfer from or to him under paragraph 6 or 8 above were disregarded; and
(b) the post-transfer fraction of what (apart from this paragraph) would be that amount having regard to any transfer from or to him in that period under those paragraphs.
(2) For the purposes of this paragraph the pre-transfer and post-transfer fractions are respectively the fractions of the period (reckoned in days) which elapse before and begin with the date of the transfer; and if there are two or more transfers in the period those fractions shall be determined—
(a) for a participator who is the old participator as respects any of the transfers, by reference to the first transfer as respects which he is the old participator;
(b) for a participator who is the new participator as respects any of the transfers, by reference to the last transfer as respects which he is the new participator;
(c) for a participator who is the old participator as respects one or more of the transfers and the new participator as respects another or others, by reference to whichever results in the smallest amount of accumulated capital expenditure under this paragraph.

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Source: https://www.legislation.gov.uk/ukpga/1980/48/schedule/17/paragraph/18 (the official version)
Page: https://openlegislation.uk/finance-act-1980/schedule-17/paragraph-18
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.