SCHEDULES

F1 SCHEDULE 7A Restriction on set-off of pre-entry losses

Annotations:
Amendments (Textual)
F1

Sch. 7A inserted (27.7.1993 with effect as mentioned in s. 88(3) of the amending Act) by 1993 c. 34, c. 88(2), Sch. 8

Appropriations to stock in trade

10

Where, but for an election under subsection (3) of section 161, there would be deemed to have been a disposal at any time by any company of any asset—

a

the amount by which the market value of the asset may be treated as increased in pursuance of that election shall not include the amount of any pre-entry loss that would have accrued on that disposal; and

b

this Schedule shall have effect as if the pre-entry loss of the last mentioned amount had accrued to that company at that time.