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Restriction of indexation relief in relation to relevant disposals.
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38.—For the purposes of computing the chargeable gain accruing to a person on a relevant disposal, the adjustment of sums allowable as deductions from the consideration for the disposal, which under section 3 (1) of the Act of 1978 would otherwise be made, shall be made only to—
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(a) such part of the amount or value of the consideration, in money or money's worth, given by him or on his behalf wholly and exclusively for the acquisition of the asset, together with the incidental costs to him of the acquisition, or
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(b) in the case of an asset to which section 3 (2) of the Act of 1978 applies, such part of the market value of the asset on the 6th day of April, 1974,
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as, where paragraph (a) applies, is equal to the current use value of the asset at the date of the acquisition together with such proportion of the incidental costs to him of the acquisition as would be referable to such value, or as, where paragraph (b) applies, is equal to the current use value of the asset on the 6th day of April, 1974.
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