Modifications etc. (not altering text)
C1Sch. 28 applied (with modifications) (22.10.2004 with effect in accordance with reg. 1(2) of the affecting S.I.) by The Offshore Funds Regulations 2004 (S.I. 2004/2572), regs. 1(1), 5
Marginal Citations
M1Source—[1984 Sch.20.]
5(1)Subject to sub-paragraph (2) below, a material disposal gives rise to an offshore income gain of an amount equal to the unindexed gain on that disposal.
(2)In any case where—
(a)paragraph 4 above applies, and
(b)the post-1983 gain on the material disposal is less than the unindexed gain on the disposal,
the offshore income gain to which the disposal gives rise is an amount equal to the post-1983 gain.