Textual Amendments
F1Sch. 4AA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 17
9(1)The person may make an election under this paragraph—U.K.
(a)for the assumption that the asset is sold and reacquired as mentioned in paragraph 7 not to apply, and
(b)for the gain or loss accruing on the disposal to be apportioned so that only the post-5 April 2015 proportion of it is treated as accruing on the disposal.
(2)The “post-5 April 2015 proportion” is the proportion that the days in the post-5 April 2015 period bear to the days in the ownership period.
(3)For this purpose—
“the post-5 April 2015 period” means the day beginning with 6 April 2015 and ending with the day on which the disposal is made, and
“the ownership period” means the period beginning with the day on which the person acquired the interest disposed of or, if later, 31 March 1982 and ending with the day on which the disposal is made.]