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Taxation of Chargeable Gains Act 1992

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4(1)Subject to sub-paragraphs (3) to (5) below, this Schedule applies where—

(a)a gain is treated as accruing by virtue of any of the enactments specified in sub-paragraph (2) below, and

(b)that gain is attributable (whether directly or indirectly and whether in whole or in part) to the disposal before 6th April 1988 of an asset acquired before 31st March 1982 by the person making that disposal.

(2)The enactments referred to in sub-paragraph (1) above are sections 116(10) and (11), 134, 140, 154(2), 168 (as modified by section 67(6)), 178(3), 179(3) and 248(3).

(3)Where a gain is treated as accruing by virtue of section 178(3) or 179(3), this Schedule applies only if the asset was acquired by the chargeab1e company (within the meaning of section 178 or 179) before 6th April 1988.

(4)Where a gain is treated as accruing in consequence of an event, this Schedule does not apply if—

(a)the gain is attributable (whether directly or indirectly and whether in whole or part) to the disposal of an asset on or after 6th April 1988, or

(b)the amount of the gain would have been less had relief by virtue of a previous application of this Schedule been duly claimed.

(5)None of sections 134, 140(4), 154(2) and 248(3) shall apply in consequence of an event occurring on or after 6th April 1988 if its application would be directly attributable to the disposal of an asset on or before 31st March 1982.

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