SCHEDULES
SCHEDULE 11Transitional provisions and savings
Part IIIAssets acquired before commencement
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1
The substitution of this Act for the enactments repealed by this Act shall not alter the effect of any provision enacted before this Act (whether or not there is a corresponding provision in this Act) so far as it determines—
a
what amount the consideration is to be taken to be for the purpose of the computation under this Act of any chargeable gain; or
b
whether and to what extent events in, or expenditure incurred in, or other amounts referable to, a period earlier than the chargeable periods to which this Act applies may be taken into account for any tax purposes in a chargeable period to which this Act applies.
2
Without prejudice to sub-paragraph (1) above, the repeals made by this Act shall not affect—
a
the enactments specified in Part V of Schedule 14 to the Finance Act 1971 [1971 c. 68.] (charge on death) so far as their operation before repeal falls to be taken into account in chargeable periods to which this Act applies,
b
the application of the enactments repealed by the 1979 Act to events before 6th April 1965 [1965 c. 25.] in accordance with paragraph 31 of Schedule 6 to the Finance Act 1965.
3
This paragraph has no application to the law relating to the determination of the market value of assets.