Chargeable gains: disposal on transfer to be treated as no gain/no loss disposal
6(1)For the purposes of the Taxation of Chargeable Gains Act 1992, a disposal constituted by a transfer within sub-paragraph (2) is to be treated in relation to the transferor and transferee as made for a consideration such that no gain or loss accrues to the transferor.
(2)A transfer is within this sub-paragraph if—
(a)it is a transfer in accordance with a transfer scheme under section 190 of property, rights or liabilities of the Homes and Communities Agency and the transferee is a public body, or
(b)it is in accordance with a transfer scheme under section 191 and the transferee is a public body.
(3)In section 288(3A) of the Taxation of Chargeable Gains Act 1992 (meaning of the “no gain/no loss provisions”) at the end insert—
“(m)paragraph 6(1) of Schedule 24 to the Localism Act 2011.”