Section 39

The gains chargeable to tax shall, subject to other provisions of this Computation
Act, be computed as follows – of chargeable
gains
(a) in the case of a disposal of an asset used for a trade, business, pro-
First
fession or vocation, for which capital allowance has been made in accord- Schedule
ance with the First Schedule to this Act, only the residue of that asset shall
be deducted from the disposal proceeds for the purposes of computing
chargeable gains; and
(b) where capital allowance has not been made in accordance with the First
First Schedule to this Act, the chargeable gain shall be determined by Schedule
deducting from the disposal proceeds, the amount or value of the
consideration, in money or money's worth incurred, wholly and exclusively
for the acquisition of the asset.
Expenses