C1C2Part I Transfer of Statutory Port Undertakings
Pt. 1: transfer of functions in part (1.4.2018) by Wales Act 2017 (c. 4), ss. 29(2)(g), 71(4) (with Sch. 7 paras. 1, 6, 9); S.I. 2017/1179, reg. 3(g) (with transitional provisions and savings in S.I. 2018/278, reg. 2, Sch.)
Levy on initial disposals of securities of successor companies
16 Supplementary and consequential provisions relating to levy.
1
In sections 13 to 15 above and this section “levy” means levy under section 13(1).
2
For the purposes of those sections and this section a disposal of rights to require the issue of securities of a company shall be treated as a disposal of the securities.
3
A payment of levy by a former relevant port authority shall be allowable as a deduction from the consideration in the computation under the F11992 Act of the gain accruing to the authority on a disposal of securities on which levy is chargeable; but, subject to that, no payment of levy, interest on unpaid levy or penalty under section 15 above shall be allowed as a deduction in computing any income, profits or losses for any tax purposes.
4
Section F217(1) of that Act (disposals and acquisitions treated as made at market value) shall not apply to a disposal of securities of a company on which levy is chargeable.
5
There shall be paid into the Consolidated Fund—
a
all payments of levy received by the appropriate Minister;
b
all interest paid to the appropriate Minister on unpaid levy; and
c
all penalties paid to the appropriate Minister under section 15 above.
Pt. I: functions transferred (3.12.2001) by S.I. 2001/3503, arts. 2, 3