Related Commentary  Related CasesRelated HMRC Manuals

35(1)  This section applies to a disposal of an asset which was held on 31st March 1982 by the person making the disposal.

35(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.

35(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)).

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