Finance (No. 2) Act 1992 (c. 48)

Part II U.K. Income Tax, Corporation Tax and Capital Gains Tax

Chapter I U.K. General

Transfers of trade U.K.

46 Transfer of a trade: supplementary (1). U.K.

(1) The M1 Taxation of Chargeable Gains Act 1992 shall have effect, and be deemed always to have had effect, with the following amendments.

F1 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) In section 116(11) (qualifying corporate bonds) after “139," there shall be inserted “ 140A, ”.

(4) In section 140 (transfer of assets to non-resident company) the following subsection shall be inserted after subsection (6)—

“(6A) No claim may be made under this section as regards a transfer in relation to which a claim is made under section 140C.”

(5) In section 174 (disposal or acquisition outside a group)—

(a) in subsection (2) after the word “section" (in the first place where it occurs) there shall be inserted “ 140A, ”;

(b) in subsection (3) after “section" there shall be inserted “ 140A, ”.

(6) In section 177(2) (dividend stripping) after “which section" there shall be inserted “ 140A, ”.

(7) In section 184(2) (indexation)—

(a) after the word “section" (in the first place where it occurs) there shall be inserted “ 140A, ”;

(b) for “either" there shall be substituted “ one ”.

Textual Amendments

F1 S. 46(2) omitted (21.7.2008) (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 70(a)(i)

Marginal Citations

M1 1992 c. 12.