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Taxation of Chargeable Gains Act 1992

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174Disposal or acquisition outside a group

(1)Where there is a disposal of an asset acquired in relevant circumstances, section 41 shall apply in relation to capital allowances made to the person from which it was acquired (so far as not taken into account in relation to a disposal of the asset by that person), and so on as respects previous transfers of the asset in relevant circumstances.

(2)In subsection (1) above “relevant circumstances” means circumstances in which section 171 or 172 applied or in which section 171 would have applied but for subsection (2) of that section.

(3)Subsection (1) above shall not be taken as affecting the consideration for which an asset is deemed under section 171 or 172 to be acquired.

(4)Schedule 2 shall apply in relation to a disposal of an asset by a company which is or has been a member of a group of companies, and which acquired the asset from another member of the group at a time when both were members of the group, as if all members of the group for the time being were the same person, and as if the acquisition or provision of the asset by the group, so taken as a single person, had been the acquisition or provision of it by the member disposing of it.

(5)Subsection (4) above does not apply where the asset was acquired on a disposal within section 171(2)(c).

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