Taxes Consolidation Act 1997 section 534

Disposals of assets

Section 534 provides that references to a disposal of an asset for capital gains tax purposes include references to a part disposal, and sets out when a part disposal arises.

• A disposal of an asset includes a part disposal, except where the context otherwise requires.
• A part disposal arises where an interest or right in or over the asset is created by the disposal, such as a lease granted out of a freehold.
• A part disposal also arises where, after a disposal, any description of property derived from the asset remains undisposed of by the person making the disposal.
• The part disposal apportionment rules are applied before any no gain/no loss provisions, such as those applying to disposals between spouses or civil partners.