Part III Other Assets
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

Part III Other Assets

Apportionment by reference to straightline growth of gain or loss over period of ownership

16

(1)     This paragraph applies subject to Parts I and II of this Schedule.

(2)     On the disposal of assets by a person whose period of ownership began before 6th April 1965 only so much of any gain accruing on the disposal as is under this paragraph to be apportioned to the period beginning with 6th April 1965 shall be a chargeable gain.

(3)     Subject to the following provisions of this Schedule, the gain shall be assumed to have grown at a uniform rate from nothing at the beginning of the period of ownership to its full amount at the time of the disposal so that, calling the part of that period before 6th April 1965, P, and the time beginning with 6th April 1965 and ending with the time of the disposal T, the fraction of the gain which is a chargeable gain is—

T/(P + T)

(4)     If any of the expenditure which is allowable as a deduction in the computation of the gain is within section 38(1)(b)—

(a)     the gain shall be attributed to the expenditure, if any, allowable

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