Part IIIncome Tax, Corporation Tax and Capital Gains Tax

Chapter IGeneral

Transfers of trade

46Transfer of a trade: supplementary (1)

(1)

The M1Taxation of Chargeable Gains Act 1992 shall have effect, and be deemed always to have had effect, with the following amendments.

(2)

In section 35(3)(d)(i) (re-basing) after “139,” there shall be inserted “140A,”.

(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”.