Where two companies, A and B, are members of the same group of companies1, and company A disposes of an asset so that a chargeable gain2 or an allowable loss3 accrues to company A in respect of an asset (or would so accrue but for an election4), the companies can jointly elect5 that the chargeable gain or allowable loss, or such amount of it as is specified in the election, is treated as accruing not to company A but to company B
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