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Taxation of Chargeable Gains Act 1992

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53The indexation allowance and interpretative provisions

(1)Subject to any provision to the contrary, an allowance (“the indexation allowance”) shall, on the disposal of an asset, either be set against the unindexed gain or, as the case may be, added to the unindexed loss so as to give the gain or loss for the purposes of this Act as follows—

(a)if there is an unindexed gain, the indexation allowance shall be deducted from the gain and, if the allowance exceeds the unindexed gain, the excess shall constitute a loss;

(b)if there is an unindexed loss, the indexation allowance shall be added to it so as to increase the loss; and

(c)if the unindexed gain or loss is nil, there shall be a loss equal to the indexation allowance;

and any reference in this Act to an indexation allowance or to the making of an indexation allowance shall be construed accordingly.

(2)For the purposes of subsection (1) above, in relation to any disposal of an asset—

(a)“the unindexed gain or loss” means the amount of the gain or loss on the disposal computed in accordance with this Part, and, if neither a gain nor a loss on the disposal is so given, the unindexed gain or loss shall be nil; and

(b)“relevant allowable expenditure” means, subject to subsection (3) below, any sum which, in the computation of the unindexed gain or loss was taken into account by virtue of paragraph (a) or paragraph (b) of section 38(1).

(3)In determining what sum (if any) was taken into account as mentioned in subsection (2)(b) above, account shall be taken of any provision of any enactment which, for the purpose of the computation of the gain, increases, excludes or reduces the whole or any part of any item of expenditure falling within section 38 or provides for it to be written-down.

(4)Sections 54 and 108 and this section have effect subject to sections 56, 57, 109, 110, 113, 131 and 145.

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