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For the latest New Developments, see ND.2597 and ND.2751.

In computing the gain or loss accruing on the disposal of an asset, there is excluded from the consideration for the disposal¹:

1. Ìý

   •ÌýÌýÌýÌý any money or money's worth charged to income tax as income (for the purposes of the Income Tax Acts) of the person making the disposal, except, disguised interest taxable under ITTOIA 2005, ss 381A–381E (Pt 4, Ch 2A) – see E1.405B²

2. Ìý

   •ÌýÌýÌýÌý any money or money's worth charged to corporation tax as income (for the purposes of the Corporation Tax Acts) of the person making the disposal³

3. Ìý

   •ÌýÌýÌýÌý any money or money's worth taken into account as a receipt in computing income or profits or gains or losses of the person making the disposal

Any receipts brought into account under the cash basis for unincorporated businesses (see B2.202), or the cash basis for unincorporated property businesses (see B6.202C) are also excluded from the consideration on disposal provided they have not already