SCHEDULE 3 Assets Held on 31st March 1982
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

SCHEDULE 3 Assets Held on 31st March 1982

Section 35

Previous no gain/no loss disposals

1

(1)     [For the purposes of corporation tax, where—]

(a)     a person makes a disposal, not being a no gain/no loss disposal, of an asset which [the person] acquired after 31st March 1982, and

(b)     the disposal by which [the person] acquired the asset and any previous disposal of the asset after 31st March 1982 was a no gain/no loss disposal,

[the person] shall be treated for the purposes of section 35 as having held the asset on 31st March 1982.

(2)     For the purposes of this paragraph a no gain/no loss disposal is one on which by virtue of any of the [no gain/no loss provisions] [or any of sections 195B, 195C or 195E] neither a gain nor a loss accrues to the person making the disposal.

[1A

(1)     This paragraph applies where—

(a)     paragraph 1(1) applies to a disposal of shares in or securities of a company that are of a class,

(b)     accordingly, the shares or securities constitute or form part of a holding which the person making the disposal (“Pâ€) is treated as having held on 31st

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