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.