If no consideration is given on a disposal, or the consideration is less than the amounts allowable as a deduction under s. 38 (see ¶519-500ff.), the gain that would have otherwise arisen may be deferred; no chargeable gain occurs on this occasion, but the transferee’s base cost is reduced by the amount of the gain held-over (TCGA 1992, s. 260(3), (4)). Special rules apply to subsequent disposals by the transferee where the gain was held over by virtue of s. 261ZA – see below.


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