CFM15610 - SI 2002 No. 1970

Cases where, but for section 116, section 127 of the 1992 Act would apply in relation to assets as regards which paragraph (2)(a), but not paragraph (2)(b), of regulation 8 has had effect

10.—(1) This regulation applies in the circumstances prescribed by paragraph (2) below.

(2) The circumstances prescribed by this paragraph are where, but for section 116 of the 1992 Act, section 127 of that Act would apply in relation to a transaction involving original shares which are or include an asset as regards which paragraph (2)(a), but not paragraph (2)(b), of regulation 8 has had effect.

(3) Where this regulation applies, regulation 9(4) shall apply to the amount which, by virtue of regulation 8(2)(a), is not brought into account as a chargeable gain or an allowable loss for the accounting period in which the disposal of the asset occurs in the same way as it applies to an amount found under regulation 9(3).