(1) Section 46B (inserted by the Finance Act, 1992) of the Corporation Tax Act, 1976, is hereby amended by the addition, after subsection (3), of the following subsection:
"(4) Where in an accounting period a company incurs a loss on the disposal (hereafter in this subsection referred to as the ‘first-mentioned disposal’) of an asset the gain or loss in respect of a deemed disposal of which was included in a net amount to which subsection (1)(b) applied for any preceding accounting period, then so much of the allowable loss on the first-mentioned disposal as is equal to the excess of the amount of the loss over the amount which, if section 46A had not been enacted, would have been the allowable loss on the first-mentioned disposal shall be treated for the purposes of this section as an allowable loss which would otherwise accrue on disposals deemed by virtue of section 46A to have been made in the company's accounting period.".
(2) This section shall apply and have effect as r