The term 'disposal' is not defined in the Taxation of Chargeable Gains Act 1992, although there is deemed to be a disposal of assets wherever a capital sum is derived from assets1. There is no limitation on the generality of the term 'disposal' and it must be taken to bear its normal meaning2. It connotes the transfer of ownership of an asset by one person to another3 or the transfer of the beneficial title to property by one person in favour of another4. In certain circumstances, what would otherwise be a series of disposals may be treated for capital
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