Finance Act 1974

Disregard of proceeds of certain disposals

4 (1) For the purposes of the principal section the consideration for a disposal shall be disregarded if, under any provision other than section 38(2) of this Act—

(a) it falls to be excluded from the computation of a gain, arising on the disposal; or

(b) a gain accruing on the disposal is not a chargeable gain.

(2) If by virtue of section 29(3) of the [1965 c. 25.] Finance Act 1965 (private residences) a fraction of the gain accruing to an individual on a disposal is not a chargeable gain, that fraction of the net proceeds of the disposal shall be disregarded for the purposes of the principal section.

5 For the purposes of the principal section the consideration for a disposal shall be disregarded if the disposal is one as respects which any of the following provisions of the Taxes Act applies, that is to say—

(a) section 267 (company reconstruction or amalgamation: transfer of assets);

(b) section 273 (transfers within a group);

(c) section 342 (disposals of land between the Housing Corporation and housing societies).