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3.—(1) Regulation 2 (interpretation) is amended as follows.
(2) In paragraph (1) for the definition of “a no gain/no loss disposal” substitute—
““a no gain/no loss disposal” means a disposal on which, by virtue of any of the no gain/no loss provisions (within the meaning of section 288(3A) of the 1992 Act(1)), neither a gain nor a loss accrues;”.
(3) After paragraph (1) insert—
“(1A) For the purposes of these Regulations a relevant transaction to which section 116(10) of the 1992 Act applies shall be treated as a disposal.”.
(4) After paragraph (2) insert—
“(2A) In these Regulations any reference to the amount or value of the consideration for the disposal of the asset is a reference to any amount treated as disposal consideration by any provision of the 1992 Act.”.
“The 1992 Act” is defined in the principal Regulations as meaning the Taxation of Chargeable Gains Act 1992; section 288(3A) was inserted by paragraph 6 of Schedule 2 to the Finance Act 2008 (c. 8) and amended by S.I. 2008/3002.
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