If a contract is conditional, the time of the disposal or acquisition is the time the condition is satisfied (TCGA 1992, s. 28(2)).Not only does s. 28 determine the date of the disposal, it also fixes the date at which the ‘connected persons’ test is to be applied when considering the restriction on allowable losses (see ¶524-700).

Types of condition

There are broadly four types of condition which may appear in a contract, only one (or possibly two) of which has the effect of making the contract conditional within the meaning of TCGA 1992, s. 28(2):

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