Section 35A — Taxation of Chargeable Gains Act 1992: Disposal of asset acquired on no gain/no loss disposal

Disposal of asset acquired on no gain/no loss disposal 35A 1 This section applies for the purposes of capital gains tax in relation to a disposal of an asset if—

a the person making the disposal acquired the asset after 31 March 1982 and before 6 April 2008, b the disposal by which the person acquired the asset (“the relevant disposal”), and any previous disposal of the asset after 31 March 1982, was a disposal on which, by virtue of any enactment, neither a gain nor a loss accrued to the person making the disposal, and c section 35(2) did not apply to the relevant disposal.

2 It is to be assumed that section 35(2) did apply to the relevant disposal (and that section 56(2) applied to the relevant disposal accordingly).