SCHEDULE 9 Chargeable Gains: Value Shifting and Tax-Free Benefits
Finance Act 1999 (1999 c 16) | Legislation

SCHEDULE 9 Chargeable Gains: Value Shifting and Tax-Free Benefits

Section 74

1

The Taxation of Chargeable Gains Act 1992 shall be amended as follows.

2

The following section shall be inserted after section 31 (value shifting: tax-free benefits from distributions within groups)—

“31A Asset-holding company leaving the group

(1)     This section applies where profits of a company would be profits arising on a transaction caught by section 31 but for the fact that the condition in section 31(8) is not satisfied.

(2)     The profits shall be treated as profits arising on a transaction caught by section 31 if—

(a)     subsection (4) or (5) below is satisfied, and

(b)     subsection (6) below is satisfied.

(3)     In the following provisions of this section—

“the asset-holding company†means, in relation to any particular time, the company which holds the asset with enhanced value at that time,

“the disposal group†means the group of companies of which the company which made the section 30 disposal was a member at the time of the disposal (or a group which, by virtue of section 170(10), is treated as the same as that group), and

“the six-year period†means the period

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