HC Deb 13 July 1988 vol 137 c507

4. Where—

  1. (a) a person makes a disposal of an asset which he acquired on or after 31st March 1982, and
  2. (b) the disposal by which he acquired the asset and any previous disposal of the asset on or after 31st March 1982 was a no gain/no loss disposal, he shall be treated for the purposes of paragraphs 2(1)(c) and 3(1)(b) above as having acquired the asset before 31st March 1982.

5.—(1) Sub-paragraph (2) below applies where—

  1. (a) on or after 6th April 1988 a person makes a disposal of an asset which he acquired on or after 31st March 1982.
  2. (b) the disposal by which he acquired the asset was a no gain/no loss disposal, and
  3. (c) a deduction falling to be made as mentioned in paragraph (b) of sub-paragraph (1) of paragraph (2) above which was attributable as mentioned in paragraph (c) of that sub-paragraph was made—
    1. (i) on that disposal, or
    2. (ii) where one or more earlier no gain/no loss disposals of the asset have been made on or after 31st March 1982 and since the last disposal of the asset which was not a no gain/no loss disposal, on any such earlier disposal.

(2) where this sub-paragraph applies the deduction shall be treated for the purposes of paragraph 2 above as falling to be made on the disposal mentioned in sub-paragraph (1)(a) above and not on the no gain/no loss disposal.

6. For the purposes of this Schedule "no gain/no loss disposal" has the same meaning as in paragraph 1 of Schedule 7 to this Act.