14

This section is subject to sections 164FF and 164FG.

10C

Subsection (10A) above is subject to sections 164FF and 164FG.

164FF Qualifying investment acquired from husband or wife.

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.

164FG Multiple claims.

1

This section applies where—

a

a reduction is claimed by a person as respects a qualifying investment under subsection (2) of section 164A or subsection (10A) of section 164F; and

b

any other reduction has been or is being claimed by that person under either subsection as respects that investment.

2

Subject to subsection (5) below, the reductions shall be treated as claimed separately in such sequence as the claimant elects or an officer of the Board in default of an election determines.

3

In relation to a later claim as respects the qualifying investment under either subsection, the subsection shall have effect as if each of the relevant amounts were reduced by the aggregate of any reductions made in the amount or value of the consideration for the acquisition of that investment by virtue of any earlier claims as respects that investment.

4

In subsection (3) above “the relevant amounts” means—

a

if the claim is under section 164A(2), the amounts referred to in subsection (2)(a)(ii) and (iii) and any amount required to be included by virtue of section 164FF(2); and

b

if the claim is under section 164F(10A), the amounts referred to in subsection (10A)(a)(i) and (ii) and any amount required to be included by virtue of section 164FF(2).

5

A claim that has become final shall be treated as made earlier than any claim that has not become final.

6

For the purposes of subsection (5) above, a claim becomes final when—

a

it may no longer be amended, or

b

it is finally determined,

whichever occurs first.