Date-stamp loading
Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 30 November 1997 - onwards
    Version 1 of 1    

558. Part disposals before 6th day of April, 1978.

(1) Where on or after the 6th day of April, 1974, but before the 6th day of April, 1978, a person made a disposal (to which paragraph 6 of Schedule 1 to the Capital Gains Tax Act, 1975, applied) of an asset held by such person on the 6th day of April, 1974, and -

(a) the amount of the chargeable gain which accrued on that disposal was determined under paragraph 18 of Schedule 1 to the Capital Gains Tax Act, 1975, and

(b) any property derived from that asset remained undisposed of on the 6th day of April, 1978,

then, for the purpose of determining the balance of the expenditure which under section 557 is to be attributed to the property which remains undisposed of, it shall be assumed that on the disposal the amount of the chargeable gain referred to in paragraph (a) had been determined, not under paragraph 18 of Schedule 1 to the Capital Gains Tax Act, 1975, but on the assumption that the asset was disposed of and immediately reacquired by the person on the 6th day of April, 1974.

(2)

Comparing proposed amendment...