SCHEDULES

[F1 SCHEDULE 5AAA U.K. UK property rich collective investment vehicles etc

Textual Amendments

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 4 U.K. Exemption

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

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. U.K.

(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.]