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HMRC internal manual

Capital Gains Manual

Indexation: disposals 4/82 to 3/85: loss after no loss/gain occasion

FA82/SCH13/PARA3 (2)

In order to ensure that the transferee does not obtain excessive indexation allowance under the rule that the allowance must not create a loss, where a loss accrues on the transferee’s subsequent disposal of the asset in any no gain no loss situation, that loss should be reduced by either the amount of the indexation allowance, if any, attributable to the transferor or such an amount which will ensure neither a gain nor a loss accrues, whichever is the less.

This is not restricted to cases within CG17544.

Shares and securities

The provisions relating to shares and securities had significant differences, see the section beginning at CG50500.