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14.—(1) This regulation applies in relation to an asset as regards which regulation 8(2)(a) of the principal Regulations has had effect in respect of a no gain/no loss disposal before 6th April 2010 but the net gain or net loss accruing at the time of that disposal has not been brought into account as a chargeable gain or allowable loss in accordance with regulation 8(2)(b), 10(3) or 12(3).
This is subject to paragraph (4).
(2) On the first disposal of the asset which is not a no gain/no loss disposal, the net gain or net loss referred to in paragraph (1) shall be brought into account in accordance with regulation 4 of the principal Regulations (as substituted by regulation 4 of these Regulations).
(3) In paragraph (2) “a no gain/no loss disposal” has the meaning given in regulation 2(1) of the principal Regulations (as substituted by regulation 3(2) of these Regulations).
(4) In a case to which this regulation applies, the company making the disposal of the asset may elect that these Regulations shall not apply.
(5) An election under paragraph (4) must—
(a)be made in writing to HMRC within 12 months of the date of the disposal referred to in paragraph (2),
(b)identify the asset which is the subject of the disposal,
(c)include a computation of the net gain or net loss, and
(6) An election under paragraph 4 above is irrevocable.
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