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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Close companies: apportionment: effect of TCGA92 S124

TCGA92/S124TCGA92/S124 (1) reduces the capital gain on the disposal of shares in a close company by the amount of Income Tax paid under ICTA88/S426 on an apportionment of the company’s income. The shareholder is not entitled to indexation allowance on this deduction because it is not an amount of allowable expenditure under TCGA92/S38 (1)(a) or (b), see CG17240.