53 The indexation allowance and interpretative provisions
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

53  The indexation allowance and interpretative provisions

(1)     Subject to any provision to the contrary, [if on the disposal of an asset there is an unindexed gain, an allowance (“the indexation allowance”) shall be allowed against the unindexed gain—

(a)     so as to give the gain for the purposes of this Act, or

(b)     if the indexation allowance equals or exceeds the unindexed gain, so as to extinguish it (in which case the disposal shall

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