Paragraph 37 F1

(1)

If—

(a)

a person disposes of a right or interest in a company on which a gain or loss accrues, and

(b)

proportions of the gain or loss are not chargeable or allowable as a result of the operation of any relevant exemption provision,

each relevant exemption provision is to work separately (without regard to the other) in relation to each proportion of the gain or loss to which the relevant exemption provision applies.

(2)

Accordingly—

(a)

each relevant exemption provision is to operate by reference to the whole of the gain or loss (ignoring the effect of the other relevant exemption provision), and

(b)

the total proportion of the gain or loss which is not chargeable or allowable is the total of the proportions separately found (but not so as to exceed the whole amount of the gain or loss).

(3)

Each of the following is a “relevant exemption provision” for the purposes of this paragraph—

(a)

any provision made by this Part of this Schedule,

(b)

any provision made by paragraph 3A of Schedule 7AC, and

(c)

any provision made by Part 12 of CTA 2010.

(4)

This paragraph is subject to paragraphs 34 to 36.

Annotations

Textual amendments

F1: Sch. 5AAA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 21