The commentary in this article applies for corporation tax purposes. For capital gains tax provisions see C2.601A.
No gain/no loss disposal before 1 April 1982
Where the ownership of an asset was last transferred before 1 April 1982 by means of a defined no gain/no loss transaction before the disposal in question, the rebasing provisions apply in the normal way and no adjustment is required to the consideration deemed to have been given for the asset. For a list of the no gain/no loss transactions concerned, see C2.603.
No gain/no loss disposal after 31 March 1982
Where the ownership of an asset has been transferred after 31 March 1982 by one or more defined no gain/no loss transactions, special provisions apply in computing the gain or loss on the first disposal of the asset since that date which is not a no gain/no loss transaction1. For HMRC guidance, see CG16880–CG16882.
For the purposes of rebasing, the company making the first disposal after 5 April
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