SCHEDULES
SCHEDULE 6 Transitory
Part I Valuation
Unquoted shares or securities: prior part disposal
8
1
In any case where—
a
before 6th July 1973 there has been a part disposal of an asset to which section 152 of this Act applies (in this paragraph referred to as “the earlier disposal”), and
b
by virtue of any enactment, the acquisition of the asset or any part of it was deemed to be for a consideration equal to its market value, and
c
on or after 6th July 1973 there is a disposal (including a part disposal) of the property which remained undisposed of immediately before that date (in this paragraph referred to as “the later disposal”),
sub-paragraph (2) below shall apply in computing any chargeable gain accruing on the later disposal.
2
Where this sub-paragraph applies, the apportionment made by virtue of paragraph 7 of Schedule 6 to the M1Finance Act 1965 (corresponding to section 35 of this Act) on the occasion of the earlier disposal shall be recalculated on the basis that section 152(3) of this Act was in force at the time, and applied for the purposes, of the determination of—
a
the market value referred to in sub-paragraph (1)(b) above, and
b
the market value of the property which remained undisposed of after the earlier disposal, and
c
if the consideration for the earlier disposal was, by virtue of any enactment, deemed to be equal to the market value of the property disposed of, that market value.