Point in time view as at 08/06/2010.
Gas Act 1986, Section 60 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)The successor company shall be treated—
(a)for all purposes of corporation tax and petroleum revenue tax; F1...
F1(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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 [F2170(12) of the Taxation of Chargeable Gains Act 1992] (bodies established for carrying on industries or undertakings under national ownership or control).
[F3(3)For the purposes of Part VI of the M1Income and Corporation Taxes Act 1988 (company distributions) and [F4Part 5 of the Corporation Tax Act 2009] (loan relationships), any debentures issued in pursuance of section 51 above shall be treated as having been issued for new consideration equal to the principal sum payable under the debenture.]
F5(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 60(1)(b) and word preceding it repealed (31.7.1998 but without effect in relation to gas levy for the year 1997-98 or any previous year) by 1998 c. 36, s. 165, Sch. 27 Pt. V(3) Note 1
F2Words in s. 60(2) substituted (6.3.1992 with effect as mentioned in s. 289(1) of the 1992 substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289(1)(2), 290, Sch. 10 para. 13 (with ss. 60, 101(1), 201(3)).
F3S. 60(3) substituted (29.4.1996) by 1996 c. 8, s. 104, Sch. 14 para. 4 (with ss. 80-105)
F4Words in s. 60(3) substituted (1.4.2009) (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 327 (with Sch. 2 Pts. 1, 2)
F5S. 60(4) repealed (31.7.1998 but without effect in relation to gas levy for the year 1997-98 or any previous year) by 1998 c. 36, s. 165, Sch. 27 Pt. V(3) Note 1
Marginal Citations
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