§ 2.—(1) Subject to sub-paragraph (2) below, this Schedule applies on a disposal, not being a no gain/no loss disposal, of an asset on or after 6th April 1988 if—
- (a) the person making the disposal acquired the asset after 31st March 1982,
- (b) a deduction falls to be made by virtue of any of the enactments specified in sub-paragraph (3) below from the expenditure which is allowable in computing the amount of any gain accruing on the disposal, and
- (c) the deduction is attributable (whether directly or indirectly and whether in whole or in part) to a chargeable gain accruing on the disposal before 6th April 1988 of an asset acquired before 31st March 1982 by the person making that disposal.
§ (2) This Schedule does not apply where, by reason of the previous operation of this Schedule, the amount of the decuction is less than it otherwise would be.
§ (3) The enactments referred to in sub-paragraph (1) above are—
- (a) section 21(4) and (5) of the Capital Gains Tax Act 1979 (roll-over where replacement asset acquired after receipt of compensation or insurance money;
- (b) section 111A of that Act (roll-over where replacement land acquired on compulsory acquisition of other land);
- (c) section 115 of that Act (roll-over where replacement asset acquired on disposal of business asset
- (d) section 123 of that Act (roll-over where shares acquired on disposal of business to company);
- (e) section 126 of that Act (hold-over where business asset acquired by gift); and
- (f) section 79 of the Finance Act 1980 (hold-over where asset acquired by gift).