Paragraph 1

United Kingdom

(1)

F1For the purposes of corporation tax, where—

(a)

a person makes a disposal, not being a no gain/no loss disposal, of an asset which F2the person acquired after 31st March 1982, and

(b)

the disposal by which the person acquired the asset and any previous disposal of the asset after 31st March 1982 was a no gain/no loss disposal,

the person shall be treated for the purposes of section 35 as having held the asset on 31st March 1982.

(2)

For the purposes of this paragraph a no gain/no loss disposal is one on which by virtue of any of the F3no gain/no loss provisions F4or any of sections 195B, 195C or 195E neither a gain nor a loss accrues to the person making the disposal.

Annotations

Textual amendments

F1: Words in Sch. 3 para. 1(1) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 65(2)(a)(i)
F2: Words in Sch. 3 para. 1(1) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 65(2)(a)(ii)
F3: Words in Sch. 3 para. 1(2) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 65(2)(b)
F4: Words in Sch. 3 para. 1(2) inserted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 7