Interpretation
1. In this Part of this Schedule, "material disposal" means a disposal to which Chapter 2 of Part 27 applies otherwise than by virtue of section 742.
Calculation of unindexed gain
(1) Where there is a material disposal, there shall first be determined for the purposes of this Part of this Schedule the amount (if any) which in accordance with this paragraph is the unindexed gain accruing to the person making the disposal.
(2) Subject to subsections (2) to (6) of section 741 and paragraph 3, the unindexed gain accruing on a material disposal shall be the amount which would be the gain on that disposal for the purposes of the Capital Gains Tax Acts if it were computed without regard to -
(a) any charge to income tax or corporation tax by virtue of section 745, and
(b) any adjustment (in this Part of this Schedule referred to as "the indexation allowance") made under section 556(2) to sums allowable as deductions in the computation of chargeable gains.
…