Broadcasting Act 1996

24 (1) For the purposes of [F1 Chapter 4 of Part 19 of the Corporation Tax Act 2010] (assets leased to traders and others) [F2 and Chapter 4 of Part 12A of the Income Tax Act 2007 (which makes corresponding provision),] where the interest of the lessor or the lessee under a lease, or any other interest in [F3 a relevant asset], is transferred in accordance with a transfer scheme to the BBC or a transferee, the transfer shall be treated as being effected without any capital sum having been obtained in respect of that interest by the BBC or the transferee. U.K.

(2) [F4 Section 865 of the Corporation Tax Act 2010] (deduction of payment under [F5 lease of trading asset), and section 681CC of the Income Tax Act 2007 (which makes corresponding provision),] shall not apply to any payments made by the BBC or a company which is a transferee under a transfer scheme if the payments are made—

(a) under any lease created in favour of the BBC or such a company by virtue of, or in pursuance of an obligation imposed by, a provision contained in a transfer scheme by virtue of paragraph 2 of Schedule 5; or

(b) under any lease—

(i) which is granted to or by a successor company at a time when it remains a wholly-owned subsidiary of the BBC; and

(ii) which is a lease of [F6 a relevant asset] which at any time before the creation of the lease was used by the BBC for the purposes of a trade carried on by the BBC and which was, when so used, owned by the BBC.

[F7 (3) In sub-paragraph (1)—

• “lease” has the meaning given by section 884 of the Corporation Tax Act 2010 or section 681DN of the Income Tax Act 2007, and

• “relevant asset” has the meaning given by section 885 of the Corporation Tax Act 2010 or section 681DO of the Income Tax Act 2007.]

Textual Amendments

F1 Words in Sch. 7 para. 24(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 294(10)(a) (with Sch. 2)

F2 Words in Sch. 7 para. 24(1) inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 246(6) (with Sch. 9 paras. 1-9, 22)

F3 Words in Sch. 7 para. 24(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 294(10)(b) (with Sch. 2)

F4 Words in Sch. 7 para. 24(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 294(11)(a) (with Sch. 2)

F5 Words in Sch. 7 para. 24(2) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 246(7) (with Sch. 9 paras. 1-9, 22)

F6 Words in Sch. 7 para. 24(2)(b)(ii) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 294(11)(b) (with Sch. 2)

F7 Sch. 7 para. 24(3) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 246(8) (with Sch. 9 paras. 1-9, 22)