Part II Transfers to SRA from Franchising Director, Secretary of State and [Office of Rail and Road]
Transport Act 2000 (2000 c 38) | Legislation

Part II Transfers to SRA from Franchising Director, Secretary of State and [Office of Rail and Road]

Interpretation

2

In this Part of this Schedule—

“relevant transfer†means a transfer of property, rights or liabilities by virtue of—

(a)     section 215,

(b)     a scheme under paragraph 1 of Schedule 15, or

(c)     a scheme under paragraph 31 of Schedule 17,

“transfereeâ€, in relation to a relevant transfer, means the Authority, and

“transferorâ€, in relation to a relevant transfer, means the person from whom the property, rights or liabilities are transferred.

Chargeable gains: no gain no loss

3

For the purposes of the 1992 Act a disposal by virtue of provision made under paragraph 34(a) of Schedule 17 is to be taken to be for a consideration such that no gain or loss accrues to the person making the disposal.

Chargeable gains: disposal of debts

4

(1)     Sub-paragraph (2) applies if in the case of a relevant transfer—

(a)     a debt owed to the transferor is transferred to the transferee, and

(b)     the transferor would, apart from this paragraph, be the original creditor in relation to that debt for the purposes of section

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