Where the new assets are qualifying assets, though not depreciating assets (for which see CG60285), the claimant's chargeable gains are to be determined as if:

the disposal proceeds of the old assets exactly equal the allowable expenditure on them (i.e. the disposal of the old assets gives rise to neither gain nor loss); and

the acquisition cost of the new assets is reduced by the same amount as the sum by which the consideration for disposal of the old assets is reduced

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