SCHEDULES

SCHEDULE 33 Taxation provisions

Part II Public-Private Partnership Agreements

Chargeable gains: the share transfer to the private sector company

8

For the purposes of the M1Taxation of Chargeable Gains Act 1992, where pursuant to a PPP agreement there is a transfer of shares of a PPP company—

(a)

from London Regional Transport or any of its subsidiaries,

(b)

to a private sector company,

the transfer shall be deemed, in relation to the private sector company as well as the transferor, to be for a consideration such that neither a gain nor a loss accrues to the transferor.