1(1)[F1For the purposes of corporation tax, where—] U.K.
(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 provisions] [F4or any of sections 195B, 195C or 195E] neither a gain nor a loss accrues to the person making the disposal.
Textual Amendments
F1Words in Sch. 3 para. 1(1) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 65(2)(a)(i)
F2Words in Sch. 3 para. 1(1) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 65(2)(a)(ii)
F3Words in Sch. 3 para. 1(2) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 65(2)(b)
F4Words in Sch. 3 para. 1(2) inserted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 7