{
  "url": "https://openlegislation.uk/offshore-funds-tax-regulations-2009/regulation-40",
  "json_url": "https://openlegislation.uk/offshore-funds-tax-regulations-2009/regulation-40.json",
  "legislation": "uksi/2009/3001",
  "legislation_title": "The Offshore Funds (Tax) Regulations 2009",
  "legislation_url": "https://openlegislation.uk/offshore-funds-tax-regulations-2009",
  "path": "regulation/40",
  "kind": "regulation",
  "number": "40",
  "heading": "Earlier disposal to which the no gain/no loss basis applies",
  "text": "(1) This regulation applies if—\n(a) a participant is chargeable to corporation tax, and\n(b) 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.\n(2) The basic gain on the disposal is computed as if—\n(a) no indexation allowance had been available on any such earlier disposal, and\n(b) subject to that, neither a gain nor a loss had arisen to the person making such an earlier disposal.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "M",
      "label": "M1",
      "text": "Section 56(2) was amended by section 93(5) of the Finance Act 1994 (c. 9)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2009/3001/regulation/40",
    "retrieved_at": "2026-10-29T03:01:48.652414+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."
}