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Taxation of Chargeable Gains Act 1992, Paragraph 5 is up to date with all changes known to be in force on or before 10 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F15(1)The receipt of the replacement value by the original supplier is to be disregarded for the purposes of paragraph 4, as it applies in relation to the shares, to the extent to which that receipt has previously been set (under that paragraph) against any receipts of value which are, in consequence, disregarded for the purposes of paragraph 4 as that paragraph applies in relation to those shares or any other shares subscribed for by the investor.U.K.
(2)The receipt of the replacement value by the original supplier (“the event”) is also be disregarded for the purposes of paragraph 4 if—
(a)the event occurs before the start of the period of restriction, or
(b)in a case where the event occurs after the time the original recipient receives the original value, it does not occur as soon after that time as is reasonably practicable in the circumstances.
But nothing in paragraph 4 or this paragraph requires the replacement value to be received after the original value.
(3)In this paragraph “the original value” and “the replacement value” are to be construed in accordance with paragraph 4.]
Textual Amendments
F1Sch. 7ZB inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 3
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