24(1)For the purposes of [F1Chapter 4 of Part 19 of the Corporation Tax Act 2010] (assets leased to traders and others) [F2and 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 [F3a 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)[F4Section 865 of the Corporation Tax Act 2010] (deduction of payment under [F5lease 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 [F6a 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
F1Words 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)
F2Words 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)
F3Words 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)
F4Words 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)
F5Words 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)
F6Words 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)
F7Sch. 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)