# Income and Corporation Taxes Act 1988, Paragraph 7

Extent: E+W+S+N.I.

(1) For the purposes of this Part of this Schedule, there shall be determined, in accordance with paragraph 8 below, the Part I gain (if any) on any disposal involving an equalisation element.
(2) Notwithstanding anything in paragraph 6 above—
(a) if there is no Part I gain on a disposal involving an equalisation element, that disposal shall not give rise to an offshore income gain; and
(b) if, apart from this paragraph, the offshore income gain on a disposal involving an equalisation element would exceed the Part I gain on that disposal, the offshore income gain to which that disposal gives rise shall be reduced to an amount equal to that Part I gain.

---
Source: https://www.legislation.gov.uk/ukpga/1988/1/schedule/28/paragraph/7 (the official version)
Page: https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-28/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.