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of <h1>Capital gains deferred on compulsory acquisition if replacement asset bought or built within three years; excess gains taxed immediately</h1> Where a compulsory acquisition of land or building used in an industrial undertaking in the two years before transfer gives rise to capital gains, taxation of those gains is deferred if within three years the taxpayer purchases or constructs a replacement asset for re-establishing the undertaking. If gains exceed the new-asset cost the excess is taxed immediately and the new asset's cost is treated as nil for any subsequent disposal within three years; if gains are equal or less, no immediate tax arises and the new asset's cost is reduced by the amount of gains. Unutilised amounts must be deposited in a specified institution before filing the return and count as new-asset cost; amounts remaining after three years are taxed and may be withdrawn under the notified scheme.
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