This is the original version (as it was originally enacted).
3(1)Sub-paragraph (2) below applies where—
(a)subsection (2) of section 96 of the Finance Act 1988 applies in relation to the disposal of an asset,
(b)if that subsection did not apply, any of the enactments specified in sub-paragraph (3) below would operate to disallow expenditure as a deduction in computing a gain accruing on the disposal, and
(c)the disallowance would be attributable to the reduction of the amount of the consideration for a disposal made after 31st March 1982 but before 6th April 1988.
(2)Where this sub-paragraph applies the amount allowable as a deduction on the disposal shall be reduced by the amount which would be disallowed if section 96(2) did not apply.
(3)The enactments referred to in sub-paragraph (1) above are—
(a)section 21(2) of the Capital Gains Tax Act 1979 (disallowance of allowable expenditure where allowance already given against receipts of compensation or insurance money);
(b)section 72(4) of that Act (disallowance where allowance already given against capital distribution);
(c)section 83(4) of that Act (disallowance where allowance already given against premium on conversion of securities); and
(d)section 109 of that Act (disallowance where allowance already given against gain from small part disposal).
(4)This paragraph shall apply to disposals on or after 6th April 1989.
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