SCHEDULES
SCHEDULE 33 Taxation provisions
Part I Transfers from London Regional Transport to Transport for London
Chargeable gains: general
2
1
For the purposes of the M1Taxation of Chargeable Gains Act 1992, where there is a qualifying transfer—
a
from London Regional Transport or any of its subsidiaries,
b
to Transport for London or any of its immediate subsidiaries,
the transfer of the property, rights and liabilities to which it relates shall be deemed, in relation to the successor as well as the transferor, to be for a consideration such that neither a gain nor a loss accrues to the transferor.
2
For the purposes of this paragraph a company is an “immediate subsidiary” of Transport for London if—
a
it is a subsidiary of Transport for London; but
b
it is not a subsidiary of another company which is a subsidiary of Transport for London.