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Finance Act 1990
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- UK Public General Acts
- 1990 c. 29
- SCHEDULE 12
- Transfer of IBA’s assets...
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Changes over time for: Cross Heading: Transfer of IBA’s assets to Commission and Radio Authority: chargeable gains
Alternative versions:
- 01/02/1991- Amendment
- 06/03/1992- Amendment
- 03/05/1994
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Point in time view as at 03/05/1994.
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There are currently no known outstanding effects for the Finance Act 1990, Cross Heading: Transfer of IBA’s assets to Commission and Radio Authority: chargeable gains.
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Transfer of IBA’s assets to Commission and Radio Authority: chargeable gainsU.K.
2(1)For the purposes of the [F1108 of the Taxation of Chargeable Gains Act 1992] the transfer under the principal Act of any asset from the IBA to the Commission or the Radio Authority shall be deemed to be for a consideration such that no gain or loss accrues to the IBA; and Schedule [F12] to that Act (assets held on 6th April 1965) shall have effect in relation to an asset so transferred as if the acquisition or provision of it by the IBA had been the acquisition or provision of it by the Commission or (as the case may be) by the Authority.U.K.
F2(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)Where the benefit of any debt in relation to which the IBA are, for the purposes of section [F1251 of the 1992] Act (debts), the original creditor is transferred under the principal Act to the Commission or the Radio Authority, the Commission or (as the case may be) the Radio Authority shall be treated for those purposes as the original creditor in relation to the debt in place of the IBA.
Textual Amendments
F1Words in Sch. 12 para. 2(1)(3) substituted (6.3.1992 with effect as mentioned in s. 289 (1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 10 para. 22(5)(a) (with ss. 60, 101(1), 201(3)).
F2Sch. 12 para. 2(2) repealed (6.3.1992 with effect as mentioned in s. 289 (1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 ( with ss. 60, 101(1), 201(3), Sch. 11 paras. 22, 26(2), 27).
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