- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/02/1991)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 06/03/1992
Point in time view as at 01/02/1991. This version of this provision has been superseded.
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7(1)For the purposes of the M1 Capital Gains Tax Act 1979, on and after the 1985 date, a 1982 holding shall continue to be regarded or, if it comes into being by virtue of paragraph 6 above, shall begin to be regarded as a single asset (but one which cannot grow by the acquisition of additional securities of the same class).
(2)In a case where the 1982 holding is determined by paragraph 6(2) above, for all purposes of capital gains tax the relevant allowable expenditure attributable to the securities comprised in the 1982 holding shall be taken to be the aggregate of—
(a)the amount which, by virtue of sub-paragraph (2) of paragraph 10 of Schedule 13 to the M2Finance Act 1982, would for those purposes be regarded as the relevant allowable expenditure attributable to the reduced holding referred to in paragraph 6(2)(a) above on a disposal of the whole of it immediately before the 1985 date ; and
(b)the amount which, by virtue of that sub-paragraph, would for those purposes be regarded as the relevant allowable expenditure attributable to the separate assets referred to in paragraph 6(2)(b) above on a disposal of them immediately before that date.
(3)For the purposes of section 87(5) of the Finance Act 1982 (indexation of allowable expenditure) the relevant allowable expenditure which by virtue of sub-paragraph (2) above is attributable to the securities comprised in a 1982 holding shall be deemed to be expenditure falling within section 32(1)(a) of the Capital Gains Tax Act 1979 .
Modifications etc. (not altering text)
C1Income and Corporation Taxes Act 1988 s. 440A(6) and Finance Act 1988 (c. 39, SIF63:1, 2), s. 113–paragraph 7(3) not to apply to certain disposals of building society and industrial and provident society shares. Finance Act 1990 (c. 29,SIF 63:1, 2), s. 41 and Sch. 6 para. 12(10)—application of meaning of “1982 holding” to apportionment of income of life assurance companies. 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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