PART XIISpecial Classes of Companies and Businesses
CHAPTER IVSavings Banks, Industrial and Provident Societies, Building Societies and Mutual Business
342Disposals of land between the Housing Corporation and housing societies
Where—
a
in accordance with a scheme approved under section 5 of the [1964 c. 56.] Housing Act 1964 the Housing Corporation acquires from a housing society the society's interest in all the land held by the society for carrying out its objects, or
b
after the Housing Corporation has so acquired from a housing society all the land so held by it the Corporation disposes to a single housing society of the whole of that land (except any part previously disposed of or agreed to be disposed of otherwise than to a housing society), together with all related assets,
then both parties to the disposal of the land to or, as the case may be, by the Housing Corporation shall be treated for the purposes of corporation tax in respect of chargeable gains as if the land and any related assets disposed of therewith (and each part of that land and those assets) were acquired from the party making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss accrued to that party.
In this section, " housing society " has the same meaning as in Part I of the [1964 c. 56.] Housing Act 1964, and " related assets " means, in relation to an acquisition of land by the Housing Corporation, assets acquired by the Corporation in accordance with the same scheme as that land, and in relation to a disposal of land by the Housing Corporation, assets held by the Corporation for the purposes of the same scheme as that land.