SCHEDULES

SCHEDULE 3 Assets held on 31st March 1982

Previous no gain/no loss disposals

1

1

F1For the purposes of corporation tax, where—

a

a person makes a disposal, not being a no gain/no loss disposal, of an asset which F2the person acquired after 31st March 1982, and

b

the disposal by which F2the person acquired the asset and any previous disposal of the asset after 31st March 1982 was a no gain/no loss disposal,

F2the person shall be treated for the purposes of section 35 as having held the asset on 31st March 1982.

2

For the purposes of this paragraph a no gain/no loss disposal is one on which by virtue of any of the F3no gain/no loss provisionsF4or any of sections 195B, 195C or 195E neither a gain nor a loss accrues to the person making the disposal.