SCHEDULES
C1F1SCHEDULE 7ABRoll-over of degrouping charge: modification of enactments
Sch. 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))
Section 159
6
1
In subsection (1) of section 159 (new assets must be chargeable assets), for the words from “in the case of a person” to the second “in relation to him” substitute “if the relevant asset (or, as the case may be, the property mentioned in section 179(3)(b)) is a chargeable asset in relation to company A at the time of accrual, unless the new assets are chargeable assets in relation to that company”.
2
In subsection (2) of that section (subsection (1) not to apply where new assets acquired by UK resident after disposal of old ones)—
a
for paragraph (a) substitute—
a
company A acquires the new assets after the time of accrual, and
b
in paragraph (b) for “the person” substitute “that company”.
3
In subsection (3) of that section (subsection (2) not to apply in certain cases where new assets acquired by dual resident), for “the person” substitute “company A”.
4
In subsection (6) of that section (definitions)—
a
in paragraph (a) for ““the old assets” and “the new assets” have the same meanings” substitute ““the new assets” has the same meaning”;
b
omit paragraph (b).
5
Omit subsection (7) of that section (acquisitions before 14th March 1989).
Sch. 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