- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/10/1996)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 31/07/1998
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Taxation of Chargeable Gains Act 1992, Section 164FF is up to date with all changes known to be in force on or before 26 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section applies where—
(a)a claim is made under subsection (2) of section 164A or subsection (10A) of section 164F; and
(b)the qualifying investment as respects which the claim is made is acquired by a disposal to which section 58 applies.
(2)The amounts by reference to which the reduction is determined shall be treated as including the amount of the consideration which the claimant would under this Act be treated as having given for the qualifying investment if he had, immediately upon acquiring the qualifying investment, disposed of it on a disposal which was not a no gain/no loss disposal.
(3)Where—
(a)the claimant makes a disposal, which is not a no gain/no loss disposal, of the qualifying investment, and
(b)any disposal after 31st March 1982 and before he acquired the qualifying investment was a no gain/no loss disposal,
nothing in paragraph 1 of Schedule 3, section 35 or section 55 shall operate to defeat the reduction falling to be made under section 164A(2)(b) or, as the case may be, section 164F(10A)(b) in the consideration for the acquisition of the qualifying investment.
(4)Where—
(a)the claimant makes a disposal of the qualifying investment and that disposal is a disposal to which section 58 applies, and
(b)any disposal after 31st March 1982 and before the claimant acquired the qualifying investment was a no gain/no loss disposal,
nothing in the application of paragraph 1 of Schedule 3, section 35 or section 55 to the person to whom the claimant makes the disposal of the qualifying investment shall operate to defeat the reduction made under section 164A(2)(b) or, as the case may be, section 164F(10A)(b).
(5)For the purposes of this section a no gain/no loss disposal is one on which by virtue of any of the enactments specified in section 35(3)(d) neither a gain nor a loss accrues.]
Textual Amendments
F1S. 164FF inserted (with effect in accordance with s. 47(6) of the amending Act) by Finance Act 1995 (c. 4), s. 47(4)
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