154 New assets which are depreciating assets
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

154  New assets which are depreciating assets

(1)     Sections 152, 153 and 229 shall have effect subject to the provisions of this section in which—

(a)     the “held-over gain” means the amount by which, under those sections, and apart from the provisions of this section, any chargeable gain on one asset (“asset No. 1”) is reduced, with a corresponding reduction of the expenditure allowable in respect of another asset (“asset No. 2”), and

(b)     any reference to a gain of any amount being carried forward to any asset is a reference to a reduction of that amount in a chargeable gain coupled with a reduction of the same amount in expenditure allowable in respect of that asset.

(2)     If asset No. 2 is a depreciating asset, the held-over gain shall not be carried forward, but the claimant shall be treated as if so much of the chargeable gain on asset No. 1 as is equal to the held-over gain did not accrue until—

(a)     the claimant disposes of asset No. 2, or

(b)     he ceases to use asset No. 2 for the purposes of a trade carried on by him, or

(c)     the expiration of a period of 10 years beginning

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