Finance (No. 2) Act 1992

49 Transfer of a trade: supplementary (2)

(1) Subject to the repeals made by the [1992 c. 12.] Taxation of Chargeable Gains Act 1992, the enactments mentioned in this section shall be amended as there mentioned.

(2) In section 268A of the [1970 c. 10.] Income and Corporation Taxes Act 1970 (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 269C below.”

(3) In section 275 of that Act (disposal or acquisition outside a group)—

(a) in subsection (1A) after the word “section” (in the first place where it occurs) there shall be inserted “269A,”;

(b) in subsection (1B) after “section” there shall be inserted “269A,”.

(4) In section 281(2) of that Act (dividend stripping) after “which section” there shall be inserted “269A,”.

(5) In paragraph 10(2) of Schedule 13 to the [1984 c. 43.] Finance Act 1984 (qualifying corporate bonds) after paragraph (bb) there shall be inserted—

“(bc) section 269A of the Taxes Act (transfer of United Kingdom trade between companies of different member States); or”.

(6) In section 68(7A)(b) of the [1985 c. 54.] Finance Act 1985 (indexation) after “267,” there shall be inserted “269A,”.

(7) In paragraph 1(3)(b) of Schedule 8 to the [1988 c. 39.] Finance Act 1988 (re-basing) after “267,” there shall be inserted “269A,”.

(8) In paragraph 5 of Schedule 11 to that Act (indexation)—

(a) after “section” there shall be inserted “269A,”;

(b) the word “intra-group” shall be omitted;

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

(9) Subsections (3) and (4) above apply where the transfer referred to in section 269A takes effect on or after 1st January 1992.

(10) Subsections (5) to (7) above apply to any disposal by way of transfer where the transfer takes effect on or after 1st January 1992.

(11) Subsection (8) above applies where any disposal to which section 269A applies is by way of a transfer taking effect on or after 1st January 1992.