Words substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 15

Words and s. 98(1)(a)(b) substituted by Finance Act 1980 (c. 48, SIF 63:1), s. 81(3) in relation to transfers after 31 March 1980

Words inserted by Finance Act 1980 (c. 48, SIF 63:1), s. 81(3) in relation to transfers after 31 March 1980

http://www.legislation.gov.uk/ukpga/1979/14/section/98/1991-02-01Capital Gains Tax Act 1979 (repealed 6.3.1992)An Act to consolidate Part III of the Finance Act 1965 with related provisions in that Act and subsequent Acts.1990-03-01texttext/xmlenStatute Law Database2011-05-271991-02-01Part IV Shares and SecuritiesChapter III Unit Trusts etc. Unit trusts
98 Transfer of company’s assets to unit trust which later comes within section 96 or 97.1

Where section 267 of the Taxes Act 1970 (roll-over for assets transferred on company reconstruction or amalgamation) has applied on the transfer of a company’s business (in whole or in part) to a unit trust scheme or a company which at the time of the transfer was not such a unit trust scheme or investment trust as is mentioned in subsection (3) of that section, then if—

a

at any time after the transfer—

i

the unit trust scheme becomes in a year of assessment one which is such as is mentioned in that subsection; or

ii

the company becomes for an accounting period an investment trust such as is there mentioned, and

b

at the beginning of that year of assessment or accounting period the unit trust scheme or company still owns any of the assets of the business transferred,

the unit trust scheme or company shall be treated for all the purposes of this Act as if immediately after the transfer it had sold, and immediately re-acquired, the assets referred to in paragraph (b) above at their market value at that time.

2

Notwithstanding any limitation on the time for making assessments, an assessment to corporation tax chargeable in consequence of subsection (1) above may be made at any time within six years after the end of the year of assessment or accounting period referred to in subsection (1) above, and where under this section a unit trust scheme or company is to be treated as having disposed of, and re-acquired, an asset of a business, all such recomputations of liability in respect of other disposals and all such adjustments of tax, whether by way of assessment or by way of discharge or repayment of tax, as may be required in consequence of the provisions of this section shall be carried out.

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Words substituted by
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,
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/29/paragraph/15">Sch. 29 para. 15</ref>
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Words and s. 98(1)(
<em>a</em>
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<ref href="http://www.legislation.gov.uk/id/ukpga/1980/48">Finance Act 1980 (c. 48, SIF 63:1)</ref>
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<ref href="http://www.legislation.gov.uk/id/ukpga/1980/48/section/81/3">s. 81(3)</ref>
in relation to transfers after 31 March 1980
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Words inserted by
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,
<ref href="http://www.legislation.gov.uk/id/ukpga/1980/48/section/81/3">s. 81(3)</ref>
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Unit Trusts
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<heading> Transfer of company’s assets to unit trust which later comes within section 96 or 97.</heading>
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Where section 267 of
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Notwithstanding any limitation on the time for making assessments, an assessment to corporation tax chargeable in consequence of subsection (1) above may be made at any time within six years after the end of the year of assessment
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