HC Deb 13 July 1988 vol 137 c506

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—

  1. (a) the person making the disposal acquired the asset after 31st March 1982,
  2. (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
  3. (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—

  1. (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;
  2. (b) section 111A of that Act (roll-over where replacement land acquired on compulsory acquisition of other land);
  3. (c) section 115 of that Act (roll-over where replacement asset acquired on disposal of business asset
  4. (d) section 123 of that Act (roll-over where shares acquired on disposal of business to company);
  5. (e) section 126 of that Act (hold-over where business asset acquired by gift); and
  6. (f) section 79 of the Finance Act 1980 (hold-over where asset acquired by gift).