Textual Amendments
F1Pt. 13 Ch. 5F inserted (with effect in accordance with s. 37(4) of the amending Act) by Finance Act 2016 (c. 24), s. 37(2)
(1)An investment or part of an investment is disposed of where—
(a)there is a disposal of the investment or the part of the investment for the purposes of the investment scheme,
(b)there is a disposal for the purposes of the investment scheme of an intermediate holding or intermediate holding structure (including an intermediate investment scheme) by or through which the investment is held, or
(c)in any other case, there is a deemed disposal under subsection (2).
(2)There is a deemed disposal of an investment or part of an investment under this subsection where—
(a)under any arrangements—
(i)the scheme in substance closes its position on the investment or the part of the investment, or
(ii)the scheme ceases to be exposed to risks and rewards in the respect of the investment or the part of the investment, and
(b)it is reasonable to suppose that the arrangements were designed to secure that result.
(3)In the case of a disposal of part of a holding of securities in a company which are of the same class, suppose for the purposes of determining which investments have been disposed of that the disposal affects the securities in the order in which they were acquired (that is, on a first in first out basis).
(4)The references in subsection (1)(a) and (b) to a disposal are to something which is a disposal for the purposes of TCGA 1992; but for the purposes of subsection (1)(a) disregard section 116 of TCGA 1992 (which disapplies sections 127 to 130 of that Act in relation to qualifying corporate bonds).]