SCHEDULES

SCHEDULE 3 Assets held on 31st March 1982

Elections under section 35(5): groups of companies

9

1

In paragraph 8 above “the relevant time”, in relation to a group of companies, is—

a

the first time when any company which is then a member of the group, and is not an outgoing company in relation to the group, makes a disposal to which section 35 applies,

b

the time immediately following the first occasion when a company which is an incoming company in relation to the group becomes a member of the group,

c

the time when an election is made by the principal company,

whichever is earliest.

2

In paragraph 8 above and this paragraph—

  • incoming company”, in relation to a group of companies, means a company which—

    1. a

      makes its first disposal to which section 35 applies at a time when it is not a member of the group, and

    2. b

      becomes a member of the group before the end of the period during which an election under section 35(5) could be made in relation to it and at a time when no such election has been made, and

  • outgoing company”, in relation to a group of companies, means a company which ceases to be a member of the group before the end of the period during which an election under section 35(5) could be made in relation to it and at a time when no such election has been made.

3

Section 170 shall have effect for the purposes of paragraph 8 above and this paragraph as for those of sections 170 to 181.