- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2010)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 06/04/2010.
Corporation Tax Act 2010, Section 669 is up to date with all changes known to be in force on or before 15 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section applies if a club holds any asset (within the meaning of TCGA 1992) and, without disposing of it (within the meaning of that Act)—
(a)the club ceases to be a registered club, or
(b)the club ceases to hold the asset for qualifying purposes.
(2)The club is treated for the purposes of TCGA 1992 as disposing of, and immediately reacquiring, the asset at the time of the cessation for a consideration equal to its market value at that time.
(3)The exemption under section 665 does not apply to any gain accruing on that deemed disposal.
(4)So far as any of the asset represents (directly or indirectly) the consideration for a disposal of any other asset by the club, the exemption under that section does not apply, and is treated as never having applied, to any gain accruing on that disposal of that other asset.
(5)Such adjustments must be made (whether by way of the making of assessments or otherwise) as may be required in consequence of this section.
(6)But an assessment in respect of a chargeable gain accruing as a result of this section may not be made more than 3 years after the end of the accounting period in which the cessation in question occurred.
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