Energy Act 2004

Part 3 Transfers relating to relevant site licensees

28 (1) This paragraph applies where, in consequence of a nuclear transfer scheme, a subsidiary of the NDA becomes a relevant site licensee.

(2) For the purposes of the application of the enactments mentioned in sub-paragraph (3) to the assets of the company which has become a relevant site licensee, that company shall be treated as continuing, for so long as it is a relevant site licensee, to be a member of the group of companies of which it was a member immediately before the scheme took effect.

(3) Those enactments are—

(a) the 1992 Act;

(b) Schedule 29 to the Finance Act 2002 (c. 23);

(c) paragraphs 5, 14, 19 and 26 of this Schedule.

(4) The reference in sub-paragraph (2) to the group of companies of which a company was a member is to be construed—

(a) in relation to the 1992 Act in accordance with the provisions of section 170 of that Act; and

(b) in relation to Schedule 29 to the Finance Act 2002, in accordance with Part 8 of that Schedule.

29 (1) This paragraph applies where—

(a) as a consequence of a transfer in accordance with a nuclear transfer scheme of securities of a subsidiary of the NDA, that subsidiary becomes a relevant site licensee;

(b) as a consequence of a transfer to the NDA or to a subsidiary of the NDA in accordance with such a scheme of securities of a company, that company ceases to be a relevant site licensee; or

(c) there is a transfer in accordance with such a scheme of securities of a company that is a relevant site licensee from one person to another person for purposes connected with securing that the condition in section 27(5)(c) continues to be satisfied in relation to the company.

(2) For the purposes of the 1992 Act, the securities shall be treated as disposed of to the transferee for a consideration of such amount as would secure that, on the disposal, neither a gain nor a loss accrues to the transferor.

30 In this Part of this Schedule “relevant site licensee” has the same meaning as in subsection (4) of section 27 (see subsection (5)).