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(b) any adjustment (in this Part of this Schedule referred to as “the indexation allowance”) made under section 556(2) to sums allowable as deductions in the computation of chargeable gains.

(b) in such circumstances that by virtue of any enactment other than section 556(4) that person and the person (in this subparagraph and subparagraph (4) referred to as “the previous owner”) from whom that person acquired the interest disposed of were to be treated for the purposes of the Capital Gains Tax Acts as if that person’s acquisition were for a consideration of such an amount as would secure that, on the disposal under which that person acquired the interest disposed of, neither a gain or a loss accrued to the previous owner,

(3) Where a disposal involving an equalisation element is one which by virtue of any enactment other than section 556(4) is treated for the purposes of the Capital Gains Tax Acts as one on which neither a gain nor a loss accrues to the person making the disposal, then, for the purpose only of determining the Part 1 gain (if any) on the disposal, that enactment shall be deemed not to apply to such a disposal (but without prejudice to the application of that enactment to any earlier disposal).

(B) chargeable gains on the disposal of machinery or plant acquired by the company in the course of its leasing trade; and for this purpose the amount of such a gain shall be computed without regard to any adjustment made under section 556(2).

(iii) the number of shares comprised in each such part on the 6th day of April, 1978, and the expenditure attributable (apart from section 556) to that part under paragraphs (a) and (b) of section 552(1) shall, in relation to a disposal made on or after that date, be the number and expenditure respectively determined in accordance with this subsection.

Where, as respects an issue of shares in or debentures of a company, a person gives any consideration on a date which is more than 12 months after the date on which the shares or debentures were allotted, the consideration shall, in the computation of a gain accruing to such person on a disposal of the shares or debentures, be deemed for the purposes of section 556 to be expenditure incurred on the date on which the consideration was given.

(4)(a) Where on a reorganisation or reduction of a company’s share capital a person gives or becomes liable to give any consideration for such person’s new holding or any part of it, that consideration shall, in the computation of a gain accruing to such person on a disposal of the new holding or any part of it, be deemed for the purposes of section 556 to be expenditure incurred on the date the consideration was given and, if the new holding or part of it is disposed of with a liability attaching to it in respect of that consideration, the consideration given for the disposal shall be adjusted accordingly.

(12) A chargeable gain or the balance of a chargeable gain which under subsection (2) or (4), as may be appropriate, is treated as accruing at a date later than the date of the disposal on which it accrued shall not be so treated for the purposes of section 556.

(c) A relevant gain shall be computed as if section 556 had not been enacted.

(6) A chargeable gain or the balance of a chargeable gain which under subsection (4) or (5), as may be appropriate, is treated as accruing on a date later than the date of the disposal on which it accrued shall not be so treated for the purposes of section 556.

(4) A chargeable gain or the balance of a chargeable gain which under subsection (2) or (3), as may be appropriate, is treated as accruing on a date later than the date of the disposal on which it accrued shall not be so treated for the purposes of section 556.

(2) An asset disposed of by the new Society which it acquired from the old Society by virtue of section 5 of the Pharmacy Act 2007 shall be deemed to have been acquired by the new Society at the same time and for the same consideration that it was acquired by the old Society, and the provisions of section 556 shall apply accordingly.

then, in so far as relates to corporation tax on chargeable gains, both companies shall be treated as if any assets included in the transfer were acquired by the one company from the other company for a consideration of such amount as would secure that on the disposal by means of the transfer neither a gain nor a loss would accrue to the company making the disposal, and for the purposes of section 556 the acquiring company shall be treated as if the respective acquisitions of the assets by the other company had been the acquiring company’s acquisition of the assets.

(2)(a) Section 556 shall apply in relation to a disposal of an asset by a company which is or has been a member of a group of companies, and which acquired the asset from another member of the group at a time when both were members of the group in the course of a disposal to which section 617 applies , as if all members of the group for the time being were the same person, and as if the acquisition or provision of the asset by the group, so taken as a single person, had been the acquisition or provision of the asset by the member disposing of the asset.

then, the companies shall be treated for the purposes of the Capital Gains Tax Acts as if the asset was acquired by the one company from the other company for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the company making the disposal, and for the purposes of section 556 the acquiring company shall be treated as if the acquisition of the asset by the other company had been the acquiring company’s acquisition of the asset.

For the purposes of computing the chargeable gain accruing to a person on a relevant disposal, the adjustment of sums allowable as deductions from the consideration for the disposal which under section 556(2) would otherwise be made shall be made only to—

(b) in the case of an asset to which section 556(3) applies, such part of the market value of the asset on the 6th day of April, 1974, as is equal to the current use value of the asset on that date.

(a) (i) section 556, and

(ii) section 556 shall not apply,

(a) (i) section 556, and

(II) for the purposes of selecting the appropriate multiplier (within the meaning of section 556) and of applying paragraph 25 of Schedule 32 the disposal were made in the year 1993-94,

(ii) in such circumstances that by virtue of any enactment other than section 556(4) the disponer and the person from whom the disponer acquired them (in this subsection referred to as “the previous owner”) were to be treated for the purposes of the Capital Gains Tax Acts as if the disponer’s acquisition were for a consideration of such an amount as would secure that, on the disposal under which the disponer acquired them, neither a gain nor a loss accrued to the previous owner,

(b) section 556(2).

(c)Sections 556, 601, 607 and 1028(4) shall not apply in relation to any gains referable to a relevant investment.