PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES

CHAPTER VI MISCELLANEOUS BUSINESSES AND BODIES

513 British Airways Board and National Freight Corporation.
(1) Subject to subsection (2) below, the successor company in which the property, rights, liabilities and obligations of the British Airways Board are vested by the Civil Aviation Act 1980 shall be treated for all purposes of corporation tax as if it were the same person as the British Airways Board; and the successor company to which the undertaking of the National Freight Corporation is transferred by the Transport Act 1980 shall be treated for those purposes as if it were the same person as the National Freight Corporation.
Source—1973 s.36(1)
1980 c.60.
1980 c.34.
(2) The transfer by the Civil Aviation Act 1980 from the British Airways Board to the successor company of liability for any loan made to the Board shall not affect any direction in respect of the loan which has been given by the Treasury under section 581.
Source—1980 s.119(1)-(3)
(3) A successor company shall not by virtue of subsection (1) above be regarded as a body falling within section 170(12) of the 1992 Act.
Words in s. 513(3) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290(1), Sch. 10 para. 14(32) (with ss. 60, 101(1), 171(1), 201(3))