SCHEDULE 7 Chargeable Gains: Roll-Over of Degrouping Charge: Modification of Enactments
Finance Act 2002 (2002 c 23) | Legislation

SCHEDULE 7 Chargeable Gains: Roll-Over of Degrouping Charge: Modification of Enactments

Section 43

The following Schedule is inserted after Schedule 7AA to the Taxation of Chargeable Gains Act 1992 (c 12)—

“SCHEDULE 7AB
Roll-Over of Degrouping Charge: Modification of Enactments
Introductory
1

(1)     This Schedule sets out how sections 152 and 153 and other related enactments are modified for the purposes of section 179B (roll-over of degrouping charge on business assets).

(2)     In the enactments as so modified—

“company A†and “company B†have the same meanings as in section 179;

“relevant asset†means the asset mentioned in section 179B(1);

“deemed sale†means the sale of the relevant asset that is treated as taking place by virtue of section 179(3) or (6);

“deemed sale consideration†means the amount for which company A is treated as having sold the relevant asset;

“time of accrual†means—

(a)     in a case where section 179(3) applies, the time at which, by virtue of section 179(4), the gain or loss accruing on the deemed sale is treated as accruing to company A;

(b)     in a case where section 179(6) applies, the latest time at which the company satisfies the conditions in section 179(7).

Section
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