Schedule 7 | Transfer Schemes: Tax | Transport Act 2000 C38

SCHEDULE 7 Transfer Schemes: Tax

Transport Act 2000 (2000 c 38) | Legislation

SCHEDULE 7 Transfer Schemes: Tax

Section 64 Interpretation

In this Schedule—

“the 1988 Act” means the Income and Corporation Taxes Act 1988;

“the 1990 Act” means the Capital Allowances Act 1990;

“the 1992 Act” means the Taxation of Chargeable Gains Act 1992;

“relevant transfer” means a transfer of property, rights or liabilities under a transfer scheme;

“transferee” in relation to a relevant transfer means the person to whom the property, rights or liabilities are transferred;

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

Chargeable gains: general

(1) For the purposes of the 1992 Act a disposal constituted by a relevant transfer is to be taken (in relation to the transferee as well as the transferor) to be for a consideration such that no gain or loss accrues to the transferor.

(2) Sub-paragraph (1) has effect subject to the following provisions of this Schedule.

(3) . . .

(4) Section 171(1) of the 1992 Act (provision in relation to disposal of assets from one member of a group of companies to another member of the group) does not apply if the disposal in question