2U.K.In section 179A of TCGA 1992 (reallocation within group of gain or loss accruing under section 179), for subsection (5) substitute—
“(5)An election, or two or more elections made simultaneously, is or are of no effect if, taken together with each earlier election (if any) made in respect of the same gain or loss, it or they would (apart from this subsection) have effect in relation to an amount exceeding the gain or loss.”
3(1)Section 136(2) of FA 2006 (Real Estate Investment Trusts: availability of group reliefs) is amended as follows.U.K.
(2)For paragraph (a) substitute—
“(a)section 171 (transfer of assets within group),
(aa)sections 171A to 171C (reallocation of gain or loss within a group),”.
(3)In paragraph (b), for “reallocation or rollover of gain” substitute “ degrouping: reallocation of gain or loss, or rollover of gain, ”.
4U.K.In consequence of the amendment made by paragraph 1, omit—
(a)in FA 2000, section 101,
(b)in FA 2001, section 77,
(c)in FA 2003, in Schedule 33, paragraph 17, and
(d)in F(No.2)A 2005, section 36.