133 Transfer within group to investment trust
Finance Act 1998 (1998 c 36) | Legislation

Groups of companies etc

133  Transfer within group to investment trust

(1)     After section 101 of the Taxation of Chargeable Gains Act 1992, there shall be inserted the following section—

“101A Transfer within group to investment trust

(1)     This section applies where—

(a)     an asset has been disposed of to a company (the “acquiring company”) and the disposal has been treated by virtue of section 171(1) as giving rise to neither a gain nor a loss,

(b)     at the time of the disposal the acquiring company was not an investment trust, and

(c)     the conditions set out in subsection (2) below are satisfied by the acquiring company.

(2)     Those conditions are satisfied by the acquiring company if—

(a)     it becomes an investment trust for an accounting period beginning not more than 6 years after the time of the disposal,

(b)     at the beginning of that accounting period, it owns, otherwise than as trading stock—

(i)     the asset, or

(ii)     property to which a chargeable gain has been carried

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