Section 439 | Calculating the profit from disposals

(1)A person's profit on a disposal is the amount by which the amount payable on the disposal exceeds the amount paid by the person to acquire the security.

(2)No account is to be taken of any incidental expenses incurred in connection with the disposal or acquisition.

(3)Subsection (2) is subject to subsection (4) and section 455 (listed securities held since 26th March 2003: calculating the profit or loss on disposals).

(4)Incidental expenses incurred before 27th March 2003 by the person making the disposal in connection with the acquisition or disposal of the security are deducted from the person's profit.

(5)Where a person re-acquires a security, any previous acquisition of it is ignored in determining on a subsequent disposal—

(a)the amount the person paid to acquire the security, and

(b)incidental expenses within subsection (4).