Amendment of regulation 23

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 Act5), 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.