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Broadcasting Act 1996
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- UK Public General Acts
- 1996 c. 55
- SCHEDULE 7
- Corporation tax: sale of...
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Corporation tax: sale of lease of land
23(1)Section 780 of the Taxes Act 1988 (sale and lease-back: taxation of consideration) shall not apply where—
(a)the assignment of the original lease, and
(b)the grant or assignment of the new lease,
each fall within sub-paragraph (2).
(2)The assignment of the original lease, or the grant or assignment of the new lease, falls within this sub-paragraph if—
(a)it is a relevant transfer; or
(b)it takes place between the BBC and a successor company at a time when the successor company remains a wholly-owned subsidiary of the BBC; or
(c)it takes place between two successor companies at a time when both remain wholly-owned subsidiaries of the BBC.
(3)The reference in sub-paragraph (1) to the assignment of the original lease and the grant or assignment of the new lease shall be construed in accordance with section 780 of the Taxes Act 1988 and sub-paragraph (2) shall be construed accordingly.
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