# Taxation of Chargeable Gains Act 1992, Paragraph 9


(1) In paragraph 8 above “the relevant time”, in relation to a group of companies, is—
(a) the first time when any company which is then a member of the group, and is not an outgoing company in relation to the group, makes a disposal to which section 35 applies,
(b) the time immediately following the first occasion when a company which is an incoming company in relation to the group becomes a member of the group,
(c) the time when an election is made by the principal company,
whichever is earliest.
(2) In paragraph 8 above and this paragraph—
“incoming company”, in relation to a group of companies, means a company which—
(a)makes its first disposal to which section 35 applies at a time when it is not a member of the group, and
(b)becomes a member of the group before the end of the period during which an election under section 35(5) could be made in relation to it and at a time when no such election has been made, and
“outgoing company”, in relation to a group of companies, means a company which ceases to be a member of the group before the end of the period during which an election under section 35(5) could be made in relation to it and at a time when no such election has been made.
(3) Section 170 shall have effect for the purposes of paragraph 8 above and this paragraph as for those of sections 170 to 181.

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/3/paragraph/9 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-3/paragraph-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.