The BRB (Residuary) Limited (Tax Consequences) Order 2013

Chargeable gains: no gain or loss on disposal

3.  For the purposes of the Taxation of Chargeable Gains Act 1992(1)—

(a) in relation to a disposal constituted by a relevant transfer to LCR or the Secretary of State for Transport—

(i) the disposal is to be treated in relation to BRB Residuary and LCR as made for a consideration such that no gain or loss accrues to BRB Residuary, and

(ii) for the purposes of any tax provision, sub-paragraph (i) is to be treated as one of the no gain/no loss provisions in section 288(3A)(2) of that Act (meaning of “no gain/no loss provisions”), and

(b) in relation to a disposal constituted by a relevant transfer to Network Rail, section 17 of that Act (disposals and acquisitions treated as made at market value) is not to have effect and the disposal is to be treated as made—

(i) in a case where consideration in money or money’s worth is given by Network Rail or on its behalf, for a consideration equal to the amount or value of that consideration, or

(ii) in a case where no such consideration is given, for a consideration of nil.

(1)

1992 c. 12.

(2)

Section 288(3A) was inserted by paragraph 63 of Schedule 2 to the Finance Act 2008 (c. 9).