236 Prevention of double charge.U.K.
(1)Where a charge can be said to accrue by virtue of section 232 or 233 in respect of any of the gain carried forward by virtue of section 229(1) or (3), so much of the gain charged shall not be capable of being carried forward (from assets to other property or from property to other property) under sections 152 to 158 on a replacement of business assets.
(2)For the purpose of construing subsection (1) above—
(a)what of the gain has been charged shall be found in accordance with what is just and reasonable;
(b)section 233(8) and (9) shall apply.
(3)In a case where—
(a)section 234 applies in the case of bonds,
(b)subsequently a disposal of the bonds occurs as mentioned in section 116(10)(b), and
(c)a chargeable gain is deemed to accrue under section 116(10)(b),
the chargeable gain shall be reduced by the relevant amount found under section 234 or (if the amount exceeds the gain) shall be reduced to nil.
(4)The relevant amount shall be apportioned where the subsequent disposal is of some of the bonds mentioned in subsection (3)(a) above; and subsection (3) shall apply accordingly.