http://www.legislation.gov.uk/ukpga/2000/17/schedule/29/part/I/crossheading/restriction-of-losses-by-reference-to-capital-allowancesFinance Act 2000An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.texttext/xmlenStatute Law Database2024-06-14Expert Participation2024-04-01 SCHEDULESSCHEDULE 29 Chargeable gains: non-resident companies and groups etc.Part I Application of Taxation of Chargeable Gains Act 1992 Restriction of losses by reference to capital allowances121

In section 41 of the Taxation of Chargeable Gains Act 1992, after subsection (7) add—

8

Where there is a disposal of an asset acquired in circumstances in which—

a

section 140A applies, or

b

section 171 applies or would apply but for subsection (2) of that section,

this section has effect in relation to capital allowances made to the person from which it was acquired (so far as not taken into account in relation to a disposal of the asset by that person), and so on as respects previous transfers of the asset in such circumstances.

This does not affect the consideration for which an asset is deemed under section 140A or 171 to be acquired.

.

2

The above amendment has effect in relation to cases where the disposal first referred to in section 41(8) (as inserted by sub-paragraph (1) above) is on or after 1st April 2000.