Taxation of Chargeable Gains Act 1992

[F1 Reorganisations etc: deemed accrual of chargeable gain or allowable loss held over on earlier transaction U.K.

Textual Amendments

F1 Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1

34 (1) The exemptions conferred by this Schedule do not apply to or affect a chargeable gain or allowable loss deemed to accrue on a disposal by virtue of section 116(10)(b) (reorganisations, conversions and reconstructions: deemed accrual of gain or loss held over on earlier transaction). U.K.

F2 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F3 (2) Sub-paragraph (1) does not apply where the relevant earlier transaction is a disposal and reacquisition deemed to have occurred (in a period of account beginning before 1 January 2005) under section 92(7) of the Finance Act 1996 (convertible securities etc: creditor relationships).]]

Textual Amendments

F2 Sch. 7AC para. 34(2) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 386, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F3 Sch. 7AC para. 34(2) inserted (with retrospective effect in accordance with art. 1(2) of the amending S.I.) by The Corporation Tax Act 2009 (Amendment) Order 2010 (S.I. 2010/614), art. 2