Taxation of Chargeable Gains Act 1992 Schedule 7AD paragraph 11

General commencement and transitional provisions

Paragraph 11 of Schedule 7AD sets out when the Schedule comes into effect for partnerships and how to calculate the opening cost of the single asset for companies that were already members of a partnership before the Schedule applied.

• The Schedule applies to partnership periods of account beginning on or after 1 January 2002, and to straddling periods (beginning before but ending on or after that date) unless the company elects otherwise
• Where a company was already a partner before the first applicable period, the opening cost of the single asset is set equal to the total of the relevant indexed base costs of the partnership's shares and securities at that point
• Indexed base cost means either the indexed pool of expenditure for a section 104 pooled holding, or the base expenditure plus indexation allowance for any other asset
• Distributions by the partnership in a period covered by the Schedule are ignored to the extent they represent chargeable gains from an earlier period that fell outside the Schedule