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The Northern Rock plc (Tax Consequences) Regulations 2009
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- UK Statutory Instruments
- 2009 No. 3227
- Regulation 3
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Chargeable gains: no gain or loss disposal
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3.—(1) For the purposes of the Taxation of Chargeable Gains Act 1992(1), a disposal constituted by a relevant transfer is to be treated in relation to ACo and BCo as being for a consideration such that neither a gain nor a loss accrues to the transferor.
(2) For the purposes of any tax provision, paragraph (1) is to be treated as one of the no gain/no loss provisions in section 288(3A) of the Taxation of Chargeable Gains Act 1992(2) (meaning of “the no gain/no loss provisions”).
(1)
(2)
Subsection (3A) was inserted by paragraph 57 of Schedule 2 to the Finance Act 2008 (c. 9).
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