Part VI Companies, oil, insurance etc.
Chapter IV Miscellaneous cases
The Regulator of Social Housing,the Secretary of State and housing associations
218 Disposals of land between the F1Regulator of Social Housing,F2the Secretary of State or Scottish Homes and housing associations.
(1)
Where—
(a)
in accordance with a scheme approved under section 5 of the M1Housing Act 1964 or paragraph 5 of Schedule 7 to the M2Housing Associations Act 1985F3, or in accordance with a requirement imposed under section 253 of the Housing and Regeneration Act 2008,, F4the 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 F4the Regulator of Social Housing has so acquired from a housing association all the land so held by it F5the 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 F4the 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 M3Housing Associations Act 1985, and “” means, in relation to an acquisition of land by F4the Regulator of Social Housing, assets acquired by F5the Regulator in accordance with the same scheme as that land, and in relation to a disposal of land by F4the Regulator of Social Housing, assets held by F5the Regulator for the purposes of the same scheme as that land.