162 Deferred unascertainable consideration: election for treatment of loss
Finance Act 2003 (2003 c 14) | Legislation

162  Deferred unascertainable consideration: election for treatment of loss

(1)     After section 279 of the Taxation of Chargeable Gains Act 1992 insert—

“279

Deferred unascertainable consideration: election for treatment of loss

(1)     Where—

(a)     a person (“the taxpayer”) makes a disposal of a right to which this section applies (see subsection (2) below),

(b)     on that disposal an allowable loss (“the relevant loss”) would, apart from section 279C, accrue to him in any year (“the year of the loss”), and

(c)     the year of the loss is a year in which the taxpayer is within the charge to capital gains tax (see section 279B(1)),

the taxpayer may make an election under this section for the relevant loss to be treated as accruing in an earlier year in accordance with section 279C if condition 1 in subsection (3) below and condition 2 in subsection (5) below are satisfied.

(2)     This section applies to a right if each of the following conditions is satisfied—

(a)     the right was, in whole or in part, acquired by the taxpayer as the whole or part of the consideration for a disposal (the “original disposal”) by him of another asset (the “original asset”),

(b)     the

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