25(1)This paragraph applies for the purposes of section 781 of ICTA (assets leased to traders and others) where—U.K.
(a)the interest of the lessor or the lessee under a lease, or any other interest in an asset, is transferred under a relevant transfer, or
(b)a lease, or any other interest in a lease, is granted by a taxable public body to an exempt public body in accordance with provision contained by virtue of paragraph 4, 6 or 12 of Schedule 12 to this Act in a transfer scheme.
(2)Section 783(4) of ICTA is to be disregarded and the transfer or grant is to be treated as made without any capital sum having been obtained in respect of the interest or lease by the transferor or grantor.
(3)Expressions used in this paragraph and in sections 781 to 785 of ICTA have the same meanings in this paragraph as in those sections.