213 Spreading of gains and losses under section 212
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

213  Spreading of gains and losses under section 212

(1)     Any chargeable gains or allowable losses which would otherwise accrue on disposals deemed by virtue of section 212 to have been made at the end of a company's accounting period shall be treated as not accruing to it, but instead—

(a)     there shall be ascertained the difference (“the net amount”) between the aggregate of those gains and the aggregate of those losses, and

(b)     one-seventh of the net amount shall be treated as a chargeable gain or, where it represents an excess of losses over gains, as an allowable loss accruing to the company at the end of the accounting period, and

(c)     a further one-seventh shall be treated as a chargeable gain or, as the case may be, as an allowable loss accruing at the end of each succeeding accounting period until the whole amount has been accounted for.

[(1A)     Subsection (1) above shall not apply to chargeable gains or allowable losses except so far as they are gains or losses which—

(a)     are referable[, in accordance with Chapter 4 of Part 2 of the Finance Act 2012,] to basic life assurance and general annuity business. . ..]

(2)     For any

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