http://www.legislation.gov.uk/ukpga/1979/14/section/98/enactedCapital Gains Tax Act 1979Capital gains taxTaxCurrencies and exchange ratesIncome taxBusiness developmentKing's Printer of Acts of Parliament2024-03-05 PART IVShares and SecuritiesCHAPTER IIIUnit Trusts etc.Unit trustsTransfer of company's assets to unit trust which later comes within section 96 or 97 98 1 Where section 267 of the Taxes Act (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 to which at the time of the transfer neither section 96 nor section 97 applied, then if— a at any time after the transfer the unit trust scheme becomes in a year of assessment one to which either of those sections does apply, and b at the beginning of that year of assessment the unit trust scheme still owns any of the assets of the business transferred, the unit trust scheme 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 referred to in subsection (1) above, and where under this section a unit trust scheme is to be treated as having disposed of, and reacquired, 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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<dc:title>Capital Gains Tax Act 1979</dc:title>
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<dc:subject>Currencies and exchange rates</dc:subject>
<dc:subject>Income tax</dc:subject>
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<Title>Shares and Securities</Title>
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<Text>Where section 267 of the Taxes Act (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 to which at the time of the transfer neither section 96 nor section 97 applied, then if—</Text>
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<Text>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 referred to in subsection (1) above, and where under this section a unit trust scheme is to be treated as having disposed of, and reacquired, 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.</Text>
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