HC Deb 13 July 1988 vol 137 c497

Amendments made: No. 57, in page 143, line 17, after '273', insert— '340(7), 342, 342A, 342B.'.

No. 58, in page 143, line 20, after '1985;', insert— `(ee) section 486(8) of the Taxes Act 1988;'

No. 43, in page 143, line 21, at end insert— '1A.—(1) Sub-paragraph (2) below applies where a person makes a disposal of an asset acquired by him on or after 6th April 1988 in circumstances in which either of the relevant enactments applied.

(2) Where this sub-paragraph applies—

  1. (a) an election under subsection (4A) of section 94 of this Act by the person making the disposal shall not cover the disposal, but
  2. (b) the making of such an election by the person from whom the asset was acquired shall cause the disposal to fall outside subsection (3) of that section (so that subsection (2) of that section is not excluded by it) whether or not the person making the disposal makes such an election.

(3) Where the person from whom the asset was acquired by the person making the disposal himself acquired it on or after 6th April 1988 in circumstances in which either of the relevant enactment applied, an election made by him shall not have the effect described in sub-paragraph (2)(b) above but an election made by—

  1. (a) the last person by whom the asset was acquired after 5th April 1988 otherwise than in such circumstances, or
  2. (b) if there is no such person, the person who held the asset on 5th April 1988, shall have that effect.

(4) In this paragraph "the relevant enactments" means—

  1. (a) section 273 of the Taxes Act 1970, and
  2. (b) section 44 of the Capital Gains Tax Act 1979.'.

No. 44, in page 143, line 27, leave out ', and so made for the year 1982–83 or any subsequent year of assessment,'.

No. 45, in page 144, line 34, at beginning insert— 'Except where an election under section 94(4A) of the Finance Act 1988 has effect,'.

No. 46, in page 144, line 36, at end insert—