Finance Act, 1992

Amendment of section 132 (disposal or acquisition outside a group) of Corporation Tax Act, 1976.

73.Section 132 (as amended by section 14 of the Capital Gains Tax (Amendment) Act, 1978 ) of the Corporation Tax Act, 1976 , is hereby amended by the insertion of the following proviso after subsection (2)—

“Provided that where at any time after the asset was acquired or provided by the group so taken as a single person and before the 24th day of April, 1992, there was an acquisition (hereafter in this proviso referred to as ‘the later acquisition’) of the said asset by a member of the group from another member of the group as a result of a relevant disposal (within the meaning of subsection (1) of section 36 of the Finance Act, 1982 ), this subsection shall have effect as if the reference to the acquisition or provision of the asset by the group were a reference to the later acquisition or the last such acquisition where there was more than one.”.