- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)After section 171 of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992 insert—
(1)This section applies where—
(a)two companies (“A” and “B”) are members of a group of companies; and
(b)A disposes of an asset to a person who is not a member of the group (“C”).
(2)Subject to subsections (3) and (4) below, A and B may, by notice in writing to an officer of the Board, jointly elect that, for the purposes of corporation tax on chargeable gains—
(a)the asset, or any part of it, shall be deemed to have been transferred by A to B immediately before the disposal to C;
(b)section 171(1) shall be deemed to have applied to that transfer; and
(c)the disposal of the asset or part to C shall be deemed to have been made by B.
(3)No election may be made under subsection (2) above unless section 171(1) would have applied to an actual transfer of the asset or part from A to B.
(4)An election under that subsection must be made before the second anniversary of the end of the accounting period of A in which the disposal to C was made.
(5)Any payment by A to B, or by B to A, in pursuance of an agreement between them in connection with the election—
(a)shall not be taken into account in computing profits or losses of either company for corporation tax purposes, and
(b)shall not for any purposes of the Corporation Tax Acts be regarded as a distribution or a charge on income,
provided it does not exceed the amount of the chargeable gain or allowable loss that is treated, as a result of the disposal, as accruing to B.”.
(2)This section has effect in relation to disposals made on or after 1st April 2000.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: