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Part VIU.K. Companies, oil, insurance etc.

Chapter IVU.K. Miscellaneous cases

The [F1Regulator of Social Housing,] [F2the Secretary of State] and housing associationsU.K.

Textual Amendments

F1Words in s. 218 cross-heading substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 17(5); S.I. 2010/862, art. 2 (with Sch.)

F2Words in s. 218 cross-heading substituted (1.11.1998) by Government of Wales Act 1998 (c. 38), ss. 140, 158(1), Sch. 16 para. 80; S.I. 1998/2244, art. 5

218 Disposals of land between the [F3Regulator of Social Housing,] [F4the Secretary of State] or Scottish Homes and housing associations.U.K.

(1)Where—

(a)in accordance with a scheme approved under section 5 of the M1Housing Act 1964 or paragraph 5 of Schedule 7 to the M2Housing Associations Act 1985[F5, or in accordance with a requirement imposed under section 253 of the Housing and Regeneration Act 2008,], [F6the Regulator of Social Housing] acquires from a housing association the association’s interest in all the land held by the association for carrying out its objects, or

(b)after [F6the Regulator of Social Housing] has so acquired from a housing association all the land so held by it [F7the Regulator] disposes to a single housing association of the whole of that land (except any part previously disposed of or agreed to be disposed of otherwise than to a housing association), together with all related assets,

then both parties to the disposal of the land to or, as the case may be, by [F6the Regulator of Social Housing] shall be treated for the purposes of corporation tax in respect of chargeable gains as if the land and any related assets disposed of therewith (and each part of that land and those assets) were acquired from the party making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss accrued to that party.

(2)In subsection (1) above, “housing association” has the same meaning as in the M3Housing Associations Act 1985, and “related assets” means, in relation to an acquisition of land by [F6the Regulator of Social Housing], assets acquired by [F7the Regulator] in accordance with the same scheme as that land, and in relation to a disposal of land by [F6the Regulator of Social Housing], assets held by [F7the Regulator] for the purposes of the same scheme as that land.

(3)This section shall also have effect with the substitution of the words [F8“the Secretary of State”] for the words “[F6the Regulator of Social Housing]” and “[F7the Regulator]” in each place where they occur.

(4)This section shall also have effect with the substitution of the words “ Scottish Homes ” for the words “[F6the Regulator of Social Housing]” and “[F7the Regulator]” in each place where they occur.

Textual Amendments

F3Words in s. 218 heading substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 17(5); S.I. 2010/862, art. 2 (with Sch.)

F4Words in s. 218 heading substituted (1.11.1998) by Government of Wales Act 1998 (c. 38), ss. 140, 158(1), Sch. 16 para. 80; S.I. 1998/2244, art. 5

F8Words in s. 218(3) substituted (1.11.1998) by Government of Wales Act 1998 (c. 38), ss. 140, 158(1), Sch. 16 para. 78; S.I. 1998/2244, art. 5

Modifications etc. (not altering text)

Marginal Citations

[F10219[F9Disposals by housing related bodies.]U.K.

(1)In any case where—

(a)[F11a housing regulator] [F12or the Homes and Communities Agency] disposes of any land to a [F13relevant housing provider], or

(b)a [F13relevant housing provider] disposes of any land to another [F13relevant housing provider], or

(c)in pursuance of a direction of [F14a housing regulator] given under [F15section 167 of the Housing and Regeneration Act 2008,] Part I of the Housing Act 1996 or Part I of the Housing Associations Act 1985 (as the case may be) requiring it to do so, a [F13relevant housing provider] disposes of any of its property, other than land, to another [F13relevant housing provider], or

(d)a [F13relevant housing provider] or an unregistered self-build society disposes of any land to [F16a housing regulator] [F17or the Homes and Communities Agency],

both parties to the disposal shall be treated for the purposes of tax on chargeable gains as if the land or property disposed of were acquired from [F18the housing regulator][F19, the Homes and Communities Agency], [F13relevant housing provider] or unregistered self-build society making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss accrued to [F18the housing regulator][F20, the Homes and Communities Agency] or, as the case may be, that [F13relevant housing provider] or society.

(2)In this section—

Textual Amendments

F22Words in s. 219(2) substituted (1.11.1998) by virtue of Government of Wales Act 1998 (c. 38), ss. 140, 158(1), Sch. 16 para. 79; S.I. 1998/2244, art. 5

Modifications etc. (not altering text)

220 Disposals by Northern Ireland housing associations.U.K.

(1)In any case where—

(a)a registered Northern Ireland housing association disposes of any land to another such association, or

(b)in pursuance of a direction of the Department of the Environment for Northern Ireland given under Chapter II of Part VII of the M4Housing (Northern Ireland) Order 1981 requiring it to do so, a registered Northern Ireland housing association disposes of any of its property, other than land, to another such association,

both parties to the disposal shall be treated for the purposes of tax on chargeable gains as if the land or property disposed of were acquired from the association making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss accrued to that association.

(2)In subsection (1) above “registered Northern Ireland housing association” means a registered housing association within the meaning of Part VII of the Order referred to in paragraph (b) of that subsection.

Marginal Citations