Related Commentary  

99(1)  Subject to paragraph (7), if a participant has an interest in a reporting fund and disposes of the interest, the participant disposes of an asset for the purposes of tax in respect of chargeable gains.

99(2)  For the purposes of the disposal referred to in paragraph (1), an amount equal to the accumulated undistributed income is treated as expenditure–

(a)given for the acquisition of the asset, and

(b)falling within section 38(1)(a) of TCGA 1992 (acquisition and disposal costs).

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