35 Assets held on 31st March 1982 (including assets held on 6th April 1965)
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

Chapter III
Computation of Gains: General Provisions

Re-basing to 1982, and assets held on 6th April 1965

35  Assets held on 31st March 1982 (including assets held on 6th April 1965)

(1)     This section applies to a disposal of an asset which was held on 31st March 1982 by the person making the disposal.

(2)     [In] computing for the purpose of this Act the gain or loss accruing on the disposal it shall be assumed that the asset was on 31st March 1982 sold by the person making the disposal, and immediately reacquired by [that person], at its market value on that date.

[(2A)     For the purposes of corporation tax, subsection (2) above has effect subject to subsections (3) to (8) below (and see also subsections (9) and (10)).]

(3)     Subject to subsection (5) below, subsection (2) above shall not apply to a disposal—

(a)

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