Paragraph 4 F1
(1)
The person may make an election under this paragraph for the assumption that the asset is sold and reacquired as mentioned in paragraph 3 not to apply.
(2)
If, in the case of an indirect disposal of UK land—
(a)
a person makes an election under this paragraph, and
(b)
a loss accrues on the disposal,
the loss is not an allowable loss.
Annotations
Textual amendments
- F1
Sch. 4AA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 17