# Taxation of Chargeable Gains Act 1992, Paragraph 4


(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.

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/4AA/paragraph/4 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-4AA/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.