The income gain is calculated both for individuals and corporate investors in accordance with the usual provisions contained in TCGA 1992, although for corporate investors no account is taken of any indexation allowance1. If the calculation produces a loss, the gain is nil (ie a loss cannot accrue on a disposal of units in a FINROF)2.
The general rule is modified in the following situations:
- Ìý
(a)ÌýÌýÌýÌý on the death of the investor, the gain is not wiped out. Instead where a person dies holding units in a FINROF they are deemed to be disposed of
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