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Textual Amendments
F1Sch. 7AB inserted (with application in accordance with s. 43(4) of the amending Act) by Finance Act 2002 (c. 23), s. 43(2), Sch. 7
Modifications etc. (not altering text)
C1Sch. 7AB: power to modify conferred by Finance Act 1993 (c. 34), s. 86(2) (as amended (with application in accordance with s. 43(4) of the amending Act) by Finance Act 2002 (c. 23), s. 43(3))
1(1)This Schedule sets out how sections 152 and 153 and other related enactments are modified for the purposes of section 179B (roll-over of degrouping charge on business assets).U.K.
(2)In the enactments as so modified—
“company A” and “company B” have the same meanings as in section 179;
“relevant asset” means the asset mentioned in section 179B(1);
“deemed sale” means the sale of the relevant asset that is treated as taking place by virtue of section 179(3) or (6);
“deemed sale consideration” means the amount for which company A is treated as having sold the relevant asset;
“time of accrual” means—
in a case where section 179(3) applies, the time at which, by virtue of section 179(4), the gain or loss accruing on the deemed sale is treated as accruing to company A;
in a case where section 179(6) applies, the latest time at which the company satisfies the conditions in section 179(7).]