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8.—(1) This regulation applies where the disposal of the asset is a no gain/no loss disposal.
(2) Where this regulation applies, the amount to be brought into account under regulation 4(1) as a chargeable gain or allowable loss—
(a)shall not be brought into account for the accounting period in which the disposal of the asset occurs, but instead
(b)for the purposes of the 1992 Act, shall be brought into account as a chargeable gain or allowable loss, as the case may be, by the company making the first relevant disposal of the asset for the accounting period in which the first relevant disposal occurs.
(3) In paragraph (2)(b) above, in relation to the disposal of an asset which is a no gain/no loss disposal, “the first relevant disposal” means the first subsequent disposal of that asset which is not a no gain/no loss disposal.
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