SCHEDULES

SCHEDULE 7 Transfer schemes relating to BBC transmission network: taxation provisions

Loan relationships: disposal of securities by BBC

11

1

This paragraph applies in any case where—

a

there is a preparatory transfer to a successor company;

b

the BBC disposes of any securities of the successor company for a consideration in money or money’s worth; and

c

those securities are securities issued to or for the BBC in consideration for the preparatory transfer.

2

Where this paragraph applies, any debits or credits which, by reason of the disposal mentioned in sub-paragraph (1)(b), would, apart from this sub-paragraph, be given by F1Part 5 of the Corporation Tax Act 2009 in respect of a loan relationship for an accounting period of the BBC shall not be brought into account for the purposes of that Chapter as respects the BBC.