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Gas Act 1986
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- UK Public General Acts
- 1986 c. 44
- Part II
- Section 60
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Version Superseded: 06/03/1992
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60 Tax provisions.E+W+S
(1)The successor company shall be treated—
(a)for all purposes of corporation tax and petroleum revenue tax; and
(b)for the purposes of the M1Gas Levy Act 1981,
as if it were the same person as the Corporation.
(2)The successor company shall not by virtue of subsection (1) above be regarded as a body falling within section 272(5) of the M2Income and Corporation Taxes Act 1970 (bodies established for carrying on industries or undertakings under national ownership or control).
(3)Where any debentures are issued in pursuance of section 51 above, any annual payment secured by those debentures shall be treated for all purposes of corporation tax as if it were a charge on income of the successor company.
(4)In consequence of the provisions of this Part, the said Act of 1981 shall have effect with the amendments specified in Schedule 6 to this Act.
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