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Taxation of Chargeable Gains Act 1992, Section 244 is up to date with all changes known to be in force on or before 18 August 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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(1)The provisions of sections 242(2) and 243(2) shall have effect subject to this section.
(2)Where the allowable expenditure is less than the consideration for the part disposal (or is nil)—
(a)the said provisions shall not apply, and
(b)if the recipient so elects (and there is any allowable expenditure)—
(i)the consideration for the part disposal shall be reduced by the amount of the allowable expenditure, and,
(ii)none of that expenditure shall be allowable as a deduction in computing a gain accruing on the occasion of the part disposal or on any subsequent occasion.
In this subsection “allowable expenditure” means expenditure which, immediately before the part disposal, was attributable to the holding of land under paragraphs (a) and (b) of section 38(1).
[F1(3)An election under subsection (2)(b) above shall be made—
(a)for the purposes of capital gains tax, on or before the first anniversary of the 31st January next following the year of assessment in which the part disposal is made;
(b)for the purposes of corporation tax, within 2 years after the end of the accounting period in which the part disposal is made.]
Textual Amendments
F1S. 244(3) inserted (with effect in accordance with s. 135(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 39
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