- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/02/1991)
- Gwreiddiol (Fel y'i Deddfwyd)
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18(1)Without prejudice to section 66 of the Capital Gains Tax Act 1979 if, within a period of ten days, a number of securities are acquired and subsequently a number of securities are disposed of and, apart from this paragraph,—
(a)the securities acquired would increase the size of, or constitute a new holding, and
(b)the securities disposed of would decrease the size of, or extinguish, the same new holding,
then, subject to sub-paragraphs (2) and (3) below, the securities disposed of shall be identified with the securities acquired and none of them shall be regarded as forming part of an existing new holding or constituting a new holding.
(2)If, in a case falling within sub-paragraph (1) above, the number of securities acquired exceeds the number disposed of,—
(a)the excess shall be regarded as forming part of an existing new holding or, as the case may be, as constituting a new holding; and
(b)if the securities acquired were acquired at different times (within the ten days referred to in sub-paragraph (1) above) the securities disposed of shall be identified with securities acquired at an earlier time rather than with securities acquired at a later time.
(3)If, in a case falling within sub-paragraph (1) above, the number of securities disposed of exceeds the number acquired, the excess shall not be identified in accordance with that sub-paragraph.
(4)Securities which, by virtue of this paragraph, do not form part of or constitute a new holding shall be treated for the purposes of section 87(3) of the M1Finance Act 1982 (cases where idexation allowance is nil) as relevant securities within the meaning of section 88 of that Act .
Modifications etc. (not altering text)
C1Finance Act 1988 (c. 39, SIF63:1, 2), s. 113—paragraphs 18, 22 and 23 not to apply to certain disposals of building society and industrial and provident society shares on or after 4 July 1987. Finance Act 1990 (c. 29,SIF 63:1, 2), s. 54—paras. 1(3), 2. 5, 7(3), 8(1)(b) and (c), 11 to 15, 18, 22 and 23 not to apply to certain building society shares etc. held by collective investment schemes and disposed of on or after 20 March 1990.
Marginal Citations
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