812. Exclusion of sums chargeable to income or corporation tax.

Any money or money's worth charged to income tax1 as income of, or taken into account as a receipt in computing income or profits or gains or losses2 of, the person making the disposal for the purposes of the Income Tax Acts3 is excluded from the consideration for a disposal of assets4.

The foregoing provision does not exclude from the consideration so taken into account any money or money's worth which is taken into account in the making of a balancing charge5 or which is brought into account6 as the disposal value of plant or machinery or of an asset