(1) CGT event C1 happens if a * CGT asset you own is lost or destroyed.
Note: This event can apply to part of a CGT asset: see section 108 - 5 (definition of CGT asset ).
(a) when you first receive compensation for the loss or destruction; or
(b) if you receive no compensation--when the loss is discovered or the destruction occurred.
(3) You make a capital gain if the * capital proceeds from the loss or destruction are more than the asset's * cost base. You make a capital loss if those capital proceeds are less than the asset's * reduced cost base.
(4) A * capital gain or * capital loss you make is disregarded
if you * acquired the asset before 20 September 1985.