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(2) In applying section 557 to such a part disposal, the property which remains undisposed of shall include a right to any rent or other payments (other than a premium) payable under the lease, and that right shall be valued as at the time of the part disposal.

(2) In the computation under Chapter 2 of Part 19 of the gain accruing on the part disposal of a lease by means of the grant of a sub-lease for a premium (in this paragraph referred to as “the actual premium”), the expenditure attributable to the lease under paragraphs (a) and (b) of section 552(1) shall be apportioned in accordance with this paragraph, and section 557 shall not apply.

(1) Where by reference to any premium income tax has become chargeable under section 98 on any amount, that amount shall be excluded from the consideration taken into account in the computation under Chapter 2 of Part 19 of a gain accruing on a disposal of the interest in respect of which income tax becomes so chargeable, except where in an apportionment under section 557 the value of the consideration is taken into account in the aggregate of that value and the market value of the property which remains undisposed of.

(3) (a) Subject to clause (b), where income tax has become chargeable under section 100 on any amount (in this subparagraph referred to as “the relevant amount”), the relevant amount shall be excluded from the consideration taken into account in the computation under Chapter 2 of Part 19 of a gain accruing on the disposal of the estate or interest in respect of which income tax becomes so chargeable, except where in an apportionment made under section 557 the value of the consideration is taken into account in the aggregate of that value and the market value of the property which remains undisposed of.

(6) Section 557 and the other provisions of the Capital Gains Tax Acts for apportioning on a part disposal expenditure which is deductible in computing a gain shall be operated before the operation of and without regard to—

then, for the purpose of determining the balance of the expenditure which under section 557 is to be attributed to the property which remains undisposed of, it shall be assumed that on the disposal the amount of the chargeable gain referred to in paragraph (a) had been determined, not under paragraph 18 of Schedule 1 to the Capital Gains Tax Act, 1975, but on the assumption that the asset was disposed of and immediately reacquired by the person on the 6th day of April, 1974.

then, notwithstanding subsection (1), for the purpose of determining the balance of the expenditure which under section 557 is to be attributed to the property which remains undisposed of, it shall be assumed that on the disposal the amount of the chargeable gain referred to in paragraph (a) had been determined as if section 14(1) of the Capital Gains Tax Act, 1975 (as amended by section 6 of the Capital Gains Tax (Amendment) Act, 1978) or, as the case may be, section 15(4)(b) of the Capital Gains Tax Act, 1975 (as amended by section 7 of the Capital Gains Tax (Amendment) Act, 1978) had applied at the date of that disposal.

(a) section 557 and all other provisions for apportioning on a part disposal expenditure which is deductible in computing a gain shall be operated before the operation of and without regard to—

(6) For the purposes of this section, in applying section 557 to the computation of gains accruing to an assurance company on the disposal, on the day on which an accounting period of the company ends, of assets which are not linked solely to life assurance business (excluding pension business, general annuity business or special investment business) (excluding pension business, general annuity business or special investment business), the company shall be deemed to have acquired all of the assets of its life business fund, other than the assets it acquired in that accounting period, at their respective market values on the day immediately before the day on which that period began.

(4) Where the disposal for the purposes of the Capital Gains Tax Acts is of such a nature that by virtue of section 557 an apportionment is to be made of certain expenditure, no deduction shall be made by virtue of subsection (3) in determining for the purposes of the apportionment in section 557(2) the amount or value of the consideration for the disposal.

(4) Where the disposal for the purposes of the Capital Gains Tax Acts is of such a nature that by virtue of section 557 an apportionment is to be made of certain expenditure, no deduction shall be made by virtue of subsection (3) in determining for the purposes of the apportionment in section 557(2) the amount or value of the consideration for the disposal.