SCHEDULES

F1SCHEDULE 5AAAUK property rich collective investment vehicles etc

Annotations:
Amendments (Textual)
F1

Sch. 5AAA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 21

PART 4Exemption

Relief for expenses in the case of deemed disposals under paragraph 21 or 22

24

1

This paragraph applies if a disposal is deemed to have been made by a person as a result of paragraph 21 or 22.

2

The person is treated for the purposes of section 38(1)(c) as having incurred incidental costs of making the deemed disposal equal to the notional costs.

3

The reference here to the notional costs is to the incidental costs —

a

which the person would reasonably have expected to have incurred if the deemed sale under paragraph 21 or 22 had been an actual sale, and

b

which would have been allowable under section 38(1)(c) if there had been an actual sale.