Commentary

C1.320 Loss or destruction of assets

Capital gains tax
Capital gains tax | Commentary

C1.320 Loss or destruction of assets

Capital gains tax | Commentary

C1.320 Loss or destruction of assets

Where an asset is lost, destroyed, dissipated or extinguished, it is treated as having been disposed of whether or not any capital sum is received by way of compensation or under a policy of insurance1. It is not clear whether the receipt of a capital sum subsequent to the loss etc is to be treated as a second disposal or simply as the receipt of consideration in respect of the deemed disposal, but a view was expressed that 'in such a case I do not think that the legislature could have intended two disposals'2,

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