Section 198D — Taxation of Chargeable Gains Act 1992: No double claims

No double claims 198D 1 If P makes a claim under section 198A or 198B, no other relevant claim may be made in respect of the relevant acquisition.

2 P may make a claim under section 198A or 198B (“the new claim”), if P has previously made a claim under section 152 or 153 (“the previous claim”) in respect of the relevant acquisition.

3 But P may make the new claim only if the previous claim is withdrawn at or before the time the new claim is made.

4 If the new claim is made in accordance with subsections (2) and (3), all necessary adjustments—

a are to be made by making or amending assessments or by repayment or discharge of tax, and b are to be so made despite any limitation on the time within which assessments or amendments may be made.

5 In this section— “ relevant acquisition ” means the acquisition of the new assets that is comprised in the disposal and acquisition to which a claim under section 198A or 198B or declaration under section 198C relates; “ relevant claim ” means a claim under section 152, 153, 198A or 198B.