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Version Superseded: 12/02/2019
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(1)This section applies where a company (“company A”) makes a non-resident CGT disposal to another company (“company B”) at a time when both companies are members of the same NRCGT group.
(2)In subsections (3) to (5) “the asset” means the asset which is the subject of that disposal.
(3)For the relevant purposes (see subsection (4))—
(a)company A's acquisition of the asset is treated as company B's acquisition of the asset,
(b)everything done by company A in relation to the asset in the period of company A's ownership of the asset is accordingly treated as done by company B, and
(c)the disposal mentioned in subsection (1) is accordingly disregarded.
(4)The “relevant purposes” means the purposes of—
(a)the determination of whether or not an NRCGT gain or loss accrues on the disposal mentioned in subsection (1) or any subsequent disposal of the asset;
(b)the determination of the amount of any such gain or loss;
(c)the treatment for capital gains tax purposes of any such gain or loss.
(5)Accordingly, references in subsection (3) to an acquisition made by, or anything else done by, company A include anything that company A is treated as having done as a result of the application of this section in relation to an earlier disposal of the asset.
(6)Nothing in this section affects the treatment of the disposal in question for any other purposes (including the computation of any gains or losses, other than NRCGT gains or losses, that may accrue on the disposal).]
Textual Amendments
F1Ss. 188A-188K and cross-heading inserted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 30
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