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Changes over time for: Section 218


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Status:
Point in time view as at 15/09/2016.
Changes to legislation:
Taxation of Chargeable Gains Act 1992, Section 218 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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218 Disposals of land between the [Regulator of Social Housing,] [the Secretary of State] or Scottish Homes and housing associations.U.K.
(1)Where—
(a)in accordance with a scheme approved under section 5 of the Housing Act 1964 or paragraph 5 of Schedule 7 to the Housing Associations Act 1985[, or in accordance with a requirement imposed under section 253 of the Housing and Regeneration Act 2008,], [the Regulator of Social Housing] acquires from a housing association the association’s interest in all the land held by the association for carrying out its objects, or
(b)after [the Regulator of Social Housing] has so acquired from a housing association all the land so held by it [the Regulator] disposes to a single housing association of the whole of that land (except any part previously disposed of or agreed to be disposed of otherwise than to a housing association), together with all related assets,
then both parties to the disposal of the land to or, as the case may be, by [the Regulator of Social Housing] shall be treated for the purposes of corporation tax in respect of chargeable gains as if the land and any related assets disposed of therewith (and each part of that land and those assets) were acquired from the party making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss accrued to that party.
(2)In subsection (1) above, “housing association” has the same meaning as in the Housing Associations Act 1985, and “related assets” means, in relation to an acquisition of land by [the Regulator of Social Housing], assets acquired by [the Regulator] in accordance with the same scheme as that land, and in relation to a disposal of land by [the Regulator of Social Housing], assets held by [the Regulator] for the purposes of the same scheme as that land.
(3)This section shall also have effect with the substitution of the words [“the Secretary of State”] for the words “[the Regulator of Social Housing]” and “[the Regulator]” in each place where they occur.
(4)This section shall also have effect with the substitution of the words “ Scottish Homes ” for the words “[the Regulator of Social Housing]” and “[the Regulator]” in each place where they occur.
Textual Amendments
Modifications etc. (not altering text)
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