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Broadcasting Act 1996
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Broadcasting Act 1996, Paragraph 7 is up to date with all changes known to be in force on or before 22 November 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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Changes and effects yet to be applied to Schedule 7 Paragraph 7:
- specified provision(s) amendment to earlier commencing SI 2003/3142 art. 4 Sch. 2 by S.I. 2004/545 art. 2
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 97(1)-(2A) substituted for s. 97(1)(2) by 2003 c. 21 s. 299(1) (Ss. 299(1)(3)(4), 300 were due to be commenced on 30.6.2004 by S.I. 2003/3142, art. 4(3), but that commencing provision was omitted (8.6.2004) by virtue of S.I. 2004/1492, art. 2)
- s. 97(5A)(5B) inserted by 2003 c. 21 s. 299(4) (Ss. 299(1)(3)(4), 300 were due to be commenced on 30.6.2004 by S.I. 2003/3142, art. 4(3), but that commencing provision was omitted (8.6.2004) by virtue of S.I. 2004/1492, art. 2)
- s. 101(1)-(1D) substituted for s. 101(1) by 2003 c. 21 s. 300(2) (Ss. 299(1)(3)(4), 300 were due to be commenced on 30.6.2004 by S.I. 2003/3142, art. 4(3), but that commencing provision was omitted (8.6.2004) by virtue of S.I. 2004/1492, art. 2)
7(1)Where a company issues shares or debentures to the BBC in exchange for shares in or debentures of a successor company which have not, before that exchange, been disposed of by the BBC—U.K.
(a)sections 127 to 131 of the Gains Act (reorganisation or reduction of share capital) shall not apply by virtue of subsection (3) of section 135 of that Act (exchange of securities) in relation to that exchange, and
(b)section 116 of that Act (reorganisations, conversions and reconstructions) accordingly does not have effect in relation to that transaction,
and the following provisions of this paragraph shall apply accordingly.
(2)The following provisions of this paragraph apply in any case where—
(a)there is a preparatory transfer to a successor company;
(b)the BBC disposes of any shares or securities of the successor company for a consideration in money or money’s worth; and
(c)those shares or securities are shares or securities which were—
(i)held by or on behalf of the BBC immediately before the preparatory transfer takes effect, or
(ii)issued to or for the BBC at a time when the successor company is a wholly-owned subsidiary of the BBC,
and which have not previously been disposed of by the BBC.
(3)For the purposes of corporation tax on chargeable gains, neither a chargeable gain nor an allowable loss shall be regarded as arising to the BBC on the disposal mentioned in sub-paragraph (2)(b).
(4)If the consideration for the disposal mentioned in sub-paragraph (2)(b) consists of or includes a right to any variable deferred consideration, then, for the purposes of corporation tax on chargeable gains, neither a chargeable gain nor an allowable loss shall be regarded as arising to the BBC on the disposal of the right to the variable deferred consideration.
(5)In this paragraph “variable deferred consideration” means any consideration—
(a)which is not to be given until after the disposal mentioned in sub-paragraph (2)(b); and
(b)whose amount or value, as at the time when it is to be given, is not ascertainable at the time of that disposal.
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