SCHEDULES

[F1 SCHEDULE 7AA U.K. Restrictions on setting losses against pre-entry gains

Textual Amendments

F1 Sch. 7AA inserted (with effect in accordance with s. 137(5) of the amending Act) by Finance Act 1998 (c. 36), s. 137(2), Sch. 24

Special rule for gains and losses on deemed annual disposal U.K.

7 U.K.Where—

(a) a chargeable gain or allowable loss is treated as accruing at the end of a company’s accounting period by virtue of section 213(1)(c) or 214A(2)(b), and

(b) that accounting period is one in which that company has joined a group of companies,

this Schedule shall have effect as if the gain or loss had accrued before the time or, as the case may be, the earliest time at which the company joined a group of companies in that period.]