The legislation is set out in three sections: TCGA1992/S171A sets out the conditions and procedure for making an election, TCGA1992/S171B states the consequences of making an election and TCGA1992/S171C is a modification in the case of insurance companies.

Election conditions: TCGA92/S171A

Two companies, A and B, that are members of a group can make an election if -

a chargeable gain or allowable loss in respect of an asset accrues to A,

B is a member of the same group at the time the gain or loss accrues to A, and

a transfer of the asset from A to B immediately before that time would have been at no gain/no loss by virtue of TCGA1992/S171(1).

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