16(1)Section 14 of the Taxation of Chargeable Gains Act 1992 (non-resident groups of companies) is amended as follows.U.K.
(2)For subsection (2) substitute—
“(2)The following provisions—
(a)section 41(8),
(b)section 171 (except subsections (1)(b) and (1A)),
(c)section 173 (with the omission of the words “to which this section applies" in subsections (1)(a) and (2)(a) and “such" in subsections (1)(c) and (2)(c) and with the omission of subsection (3)),
(d)section 174(4) (with the substitution of “ at a time when both were members of the group" for “in a transfer to which section 171(1) applied”), and
(e)section 175(1) (with the omission of the words “to which this section applies”),
shall apply in relation to non-resident companies which are members of a non-resident group of companies as they apply in relation to companies which are members of a group of companies.”
(3)In subsection (3), for “Sections 178 to 180" substitute “ Section 179 (except subsections (1)(b) and (1A)) ”.
(4)In subsection (4)(b), the words “without subsections (2)(a), (9) and (12) to (14)" shall cease to have effect.
(5)The above amendments, and the main amendments so far as they apply for the purposes of section 14, have effect in cases in which section 41, 171, 173, 174(4), 175(1) or 179, as the case may be, have effect as amended by this Schedule.