General rule for bringing amounts into account

4.—(1) For the purposes of the 1992 Act, there shall be brought into account for the accounting period in which the disposal of the asset occurs—

(a) as a chargeable gain accruing to the company at the time of the disposal, the amount of any net gain; or

(b) as an allowable loss accruing to the company at the time of the disposal, the amount of any net loss.

(2) Paragraph (1) above does not have effect if the asset disposed of—

(a) is a foreign business asset immediately before its disposal; or

(b) consists of shares or an asset related to shares on the disposal of which no chargeable gain is treated as accruing by virtue of Part 1 of Schedule 7AC to the 1992 Act(1).

(3) Paragraph (1) above is subject to regulations 6 and 8.

(1)

Schedule 7AC was inserted by paragraph 1 of Schedule 8 to the Finance Act 2002.