Related Commentary  Related HMRC Manuals

210B(1)  Subsections (2) to (4) below apply in a case where, within a period of 10 days, an insurance company disposes of a number of section 119 or 120 securities and (whether subsequently or previously) acquires a number of section 119 or 120 securities if–

(a)the securities disposed of decrease the size of a chargeable section 119 or 120 holding,

(b)the securities acquired increase the size of the same chargeable section 119 or 120 holding, and

(c)(apart from this section) an allowable loss would accrue on the disposal.

210B(2)  The securities disposed of shall be identified with the securities acquired.

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