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Consideration.
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9.—(1) Subject to the provisions of this Act, a person's acquisition of an asset shall, for the purposes of this Act, be deemed to be for a consideration equal to the market value of the asset—
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(a) where he acquires the asset otherwise than by way of a bargain made at arm's length (including in particular where he acquires it by way of gift),
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(b) where he acquires the asset by way of distribution from a company in respect of shares in the company, or
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(c) where he acquires the asset wholly or partly for a consideration that cannot be valued, or in connection with his own or another's loss of office or employment or diminution of emoluments, or otherwise in consideration for or recognition of his or another's services or past services in any office or employment or of any other service rendered or to be rendered by him or another.
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(2) Subject to the provisions of this Act, a person's disposal of an asset shall, for the purposes of this Act, be deemed to be for a consideration equal to the market value of the asset—
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(a) where he disposes of the asset otherwise than by way of a bargain made at arm's length (including in particular where he disposes of it by way of gift), or
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(b) where he disposes of the asset wholly or partly for a consideration that cannot be valued:
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Provided that this subsection shall not apply to a disposal by way of gift made prior to the 20th day of December, 1974, and any loss incurred on a disposal by way of gift made prior to the 20th day of December, 1974, shall not be an allowable loss.
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