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Finance Act 1983

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This is the original version (as it was originally enacted).

CHAPTER IIICapital Gains

34Election for pooling: indexation

(1)The provisions of Schedule 6 to this Act shall have effect for the purposes of, and in connection with.—

(a)enabling a company to elect that, with respect to disposals after 31st March 1982, each of its holdings of certain securities of the same class which are held by it solely and beneficially and which have been so held for the length of time referred to in that Schedule shall be regarded for the purposes of the [1979 c. 14.] Capital Gains Tax Act 1979 as constituting a single asset; and

(b)computing the indexation allowance applicable on a disposal of such a single asset.

(2)In section 88 of the [1982 c. 39.] Finance Act 1982 (identification of securities etc. disposed of: general rules) after subsection (5) there shall be inserted the following subsection—

(5A)If an election has been made under Schedule 6 to the Finance Act 1983, securities disposed of shall be identified with securities comprised in a holding, within the meaning of paragraph 3 of that Schedule, rather than with securities of a description specified in paragraph 1(2) (6) thereof.

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