SCHEDULES
SCHEDULE 4 Deferred charges on gains before 31st March 1982
Charges rolled-over or held-over
2
1
Subject to sub-paragraphs (2) to (4) below, this Schedule applies on a disposal, not being a no gain/no loss disposal, of an asset if—
a
the person making the disposal acquired the asset after 31st March 1982,
b
a deduction falls to be made by virtue of any of the enactments specified in sub-paragraph (5) below from the expenditure which is allowable in computing the amount of any gain accruing on the disposal, and
c
the deduction is attributable (whether directly or indirectly and whether in whole or in part) to a chargeable gain accruing on the disposal before 6th April 1988 of an asset acquired before 31st March 1982 by the person making that disposal.
2
This Schedule does not apply where, by reason of the previous operation of this Schedule, the amount of the deduction is less than it otherwise would be.
3
This Schedule does not apply if the amount of the deduction would have been less had relief by virtue of a previous application of this Schedule been duly claimed.
4
Where—
a
the asset was acquired on or after 19th March 1991,
b
the deduction is partly attributable to a claim by virtue of section 154(4), and
c
the claim applies to the asset,
this Schedule does not apply by virtue of this paragraph.
5
The enactments referred to in sub-paragraph (1) above are sections 23(4) and (5), 152, 162, 165 and 247 of this Act and section 79 of the M1Finance Act 1980.
3
1
This paragraph applies where this Schedule would have applied on a disposal but for paragraph 2(4) above.
2
This Schedule applies on the disposal if paragraph 4 below would have applied had—
a
section 154(2) continued to apply to the gain carried forward as a result of the claim by virtue of section 154(4), and
b
the time of the disposal been the time when that gain was treated as accruing by virtue of section 154(2).