Part VI Companies, oil, insurance etc.
Chapter I Companies
Companies leaving groups
F1179BRoll-over of degrouping charge on business assets
(1)
Where a company is treated by virtue of section 179(3) or (6) as having sold and immediately reacquired an asset at market value, relief under section 152 or 153 (roll-over relief on replacement of business assets) is available in accordance with this section in relation to any gain accruing to the company on the deemed sale.
(2)
For this purpose, sections 152 and 153 and the other enactments specified in Schedule 7AB apply with the modifications set out in that Schedule.
(3)
Where there has been an election under section 179A, any claim for relief available in accordance with this section must be made by company C rather than company A.
(4)
For this purpose, the enactments modified by Schedule 7AB have effect as if—
(a)
references to company A, except those in sections 152(1)(a) and (1B), 153(1B), 153A(5), 159(1), 175 and 198(1), were to company C;
(b)
the references to “that company” in section 159(1) and “the company” in section 185(3)(b) were to company C;
(c)
the reference to “that trade” in section 198(1) were to a ring fence trade carried on by company C.
(5)
Where there has been an election under section 179A in respect of part only of the chargeable gain accruing on the deemed sale of an asset, the enactments modified by Schedule 7AB and subsections (3) and (4) above apply as if the deemed sale had been of a separate asset representing a corresponding part of the asset; and any necessary apportionments shall be made accordingly.
(6)
A reference in this section to company A or to company C is to the company referred to as such in section 179A.