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HMRC internal manual

Capital Gains Manual

Depreciatory intra-group dividends: part-disposals

TCGA92/S33 (2) & (8)

TCGA92/S33 (2) leaves part-disposals out of account in applying the asset retention test. Where, before the Section 30 disposal, there has been a part-disposal of the asset which was the subject of the asset transaction, the amount added to the consideration for the Section 30 disposal is reduced by Section 33(8) to a just and reasonable amount. For accounting periods ending before Self Assessment the reduction was to such amount as appeared just and reasonable to the Inspector or, on appeal, the Commissioners. See CG10300+ for details of the changes for Self Assessment.

Finance Act 2011 introduced a new Targeted Anti-Avoidance Rule for disposals of shares and securities by companies on or after 19 July 2011. See CG48500+.