Related Commentary  Related CasesRelated HMRC Manuals

53(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 be one on which, after taking account of the indexation allowance, neither a gain nor a loss accrues)

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