TCGA92/S176(1), (2), (7), (8)

The general trigger for a depreciatory transactions adjustment is that there has been a disposal of shares or securities (referred to in the legislation as `the ultimate disposal') and the value of the shares or securities has been ‘materially reduced’, by a depreciatory transaction. TCGA92/S176(8) provides that `disposal' for these purposes includes the deemed disposal which results from a negligible value claim under TCGA92/S24 (2).

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