1988 c. 1.

Sch. 26 para. 1(1): Definition of “the 1990 Act” repealed (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, ss. 578, 580, Sch. 2 para. 109(1)(a), Sch. 4

1992 c. 12.

Sch. 26 para. 1(1): Definition of “the Capital Allowances Act” substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(1)(b)

Sch. 26 para. 1(1): Words in the definition of “fixture” substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(1)(c)

Words in Sch. 26 para. 1(3) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(2)

Words in Sch. 26 para. 5(1)(b) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(3)

Words in Sch. 26 para. 5(1)(c) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(4)

Words in Sch. 26 para. 5(2) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(5)(a)

Words in Sch. 26 para. 5(2)(c) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(5)(b)

Words in Sch. 26 para. 6 substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(6)

Words in Sch. 26 para. 13(1)(2)(a) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(7)

Words in Sch. 26 para. 14(1)(c) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(8)

Words in Sch. 26 para. 14(1)(d) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(9)

Words in Sch. 26 para. 14(2) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(10)(a)

Words in Sch. 26 para. 14(2)(a) substituted (22.3.2001, with effect as mentioned by 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(10)(b)

Words in Sch. 26 para. 14(2)(d) substituted (22.3.2001, with effect as mentioned by 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(10)(c)

Words in Sch. 26 para. 15 substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(11)

Words in Sch. 26 para. 21(1) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(12)

Words in Sch. 26 para. 21(4) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(13)

Words in Sch. 26 para. 21(5) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(14)(a)

Words in Sch. 26 para. 21(5) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(14)(b)

Words in Sch. 26 para. 21(5) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(14)(c)

Words in Sch. 26 para. 21(6) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(15)

Words in Sch. 26 para. 21(7) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(16)

Words in Sch. 26 para. 21(8) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(17)(a)

Words in Sch. 26 para. 21(8)(a) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(17)(b)

Words in Sch. 26 para. 21(9) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(18)

Words in Sch. 26 para. 27(1) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(19)

Words in Sch. 26 para. 27(4) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(20)

Words in Sch. 26 para. 27(5) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(21)(a)

Words in Sch. 26 para. 27(5) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(21)(b)

Words in Sch. 26 para. 27(5) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(21)(c)

Words in Sch. 26 para. 27(6) substituted (23.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(22)

Words in Sch. 26 para. 27(7) substituted (23.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(23)

Words in Sch. 26 para. 27(8) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(24)(a)

Words in Sch. 26 para. 27(8)(a) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(24)(b)

Words in Sch. 26 para. 27(9) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(25)

Words in Sch. 26 para. 34(1) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(26)

Words in Sch. 26 para. 34(5) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(27)

Words in Sch. 26 para. 34(6) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(28)(a)

Words in Sch. 26 para. 34(6) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(28)(b)

Words in Sch. 26 para. 34(6) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(28)(c)

Words in Sch. 26 para. 34(7) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(29)

Words in Sch. 26 para. 34(8) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(30)

Words in Sch. 26 para. 34(9) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(31)(a)

Words in Sch. 26 para. 34(9)(a) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(31)(b)

Words in Sch. 26 para. 34(10) substituted (22.3.2001, with effect as mentioned in 2001 c. 2, s. 579(1)) by 2001 c. 2, s. 578, Sch. 2 para. 109(32)

1891 c. 39.

1895 c. 16.

1986 c. 41.

Words in Sch. 26 Pt. II substituted (5.7.2004) by Railways and Transport Safety Act 2003 (c. 20), Sch. 2 para. 19(t)(vi); S.I. 2004/827, art. 4(g)

Words in Sch. 26 para. 7(3) substituted (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 46

Sch. 26 para. 37 omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 70(e)(ii)

Sch. 26 para. 40A and cross-heading inserted (1.12.2003) by the Stamp Duty Land Tax (Consequential Amendment of Enactments) Regulations 2003 (S.I. 2003/2867), reg. 1, Sch. para. 32

Words in Sch. 26 para. 7(2) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 473(2)(a) (with Sch. 2 Pts. 1, 2)

Words in Sch. 26 para. 7(4) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 473(2)(b) (with Sch. 2 Pts. 1, 2)

Sch. 26 para. 13(1) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 473(3) (with Sch. 2 Pts. 1, 2)

Words in Sch. 26 para. 17(2) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 473(4)(a) (with Sch. 2 Pts. 1, 2)

Words in Sch. 26 para. 17(3) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 473(4)(b) (with Sch. 2 Pts. 1, 2)

Words in Sch. 26 para. 29(2) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 473(5)(a) (with Sch. 2 Pts. 1, 2)

Words in Sch. 26 para. 29(3) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 473(5)(b) (with Sch. 2 Pts. 1, 2)

Words in Sch. 26 para. 35(1) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 473(6)(a) (with Sch. 2 Pts. 1, 2)

Words in Sch. 26 para. 35(2) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 473(6)(b) (with Sch. 2 Pts. 1, 2)

http://www.legislation.gov.uk/ukpga/2000/38/schedule/26/2009-04-01Transport Act 2000An Act to make provision about transport.texttext/xmlenStatute Law Database2024-07-17Expert Participation2009-04-01 SCHEDULESSCHEDULE 26

Section 250.

Transfers: taxPart I Interpretation11

In this Schedule—

the 1988 Act” means the Income and Corporation Taxes Act 1988,

....

the 1992 Act” means the Taxation of Chargeable Gains Act 1992,

the Capital Allowances Act” means the Capital Allowances Act 2001 and includes, where the context admits, enactments which under the 1988 Act are to be treated as contained in the Capital Allowances Act 2001,

fixture” has the same meaning as in Chapter 14 of Part 2 of the Capital Allowances Act,

franchise company” means any body corporate which is, or is to be, the franchisee or the franchise operator under a franchise agreement, and

qualifying transfer” means a transfer which is a relevant transfer for the purposes of any of Parts II to VI of this Schedule.

2

So far as it relates to corporation tax, this Schedule is to be construed as one with the Corporation Tax Acts.

3

So far as it relates to capital allowances, this Schedule is to be construed as one with the Capital Allowances Act.

Part II Transfers to SRA from Franchising Director, Secretary of State and Office of Rail Regulation Interpretation2

In this Part of this Schedule—

relevant transfer” means a transfer of property, rights or liabilities by virtue of—

a

section 215,

b

a scheme under paragraph 1 of Schedule 15, or

c

a scheme under paragraph 31 of Schedule 17,

transferee”, in relation to a relevant transfer, means the Authority, and

transferor”, in relation to a relevant transfer, means the person from whom the property, rights or liabilities are transferred.

Chargeable gains: no gain no loss3

For the purposes of the 1992 Act a disposal by virtue of provision made under paragraph 34(a) of Schedule 17 is to be taken to be for a consideration such that no gain or loss accrues to the person making the disposal.

Chargeable gains: disposal of debts41

Sub-paragraph (2) applies if in the case of a relevant transfer—

a

a debt owed to the transferor is transferred to the transferee, and

b

the transferor would, apart from this paragraph, be the original creditor in relation to that debt for the purposes of section 251 of the 1992 Act (disposal of debts).

2

The 1992 Act is to have effect as if the transferee (and not the transferor) were the original creditor for those purposes.

Capital allowances for plant and machinery51

This paragraph applies in relation to property if—

a

the property is plant or machinery to which a relevant transfer relates,

b

the property would have been treated for the purposes of the Capital Allowances Act (had the transferor incurred expenditure qualifying for allowances under Part 2 of that Acton the provision of the property) as disposed of by the transferor to the transferee on the transfer taking effect, and

c

the relevant order or scheme contains provision for the transferee to be taken for the purposes of that Act to have incurred capital expenditure of an amount specified in or determined in accordance with the order or scheme on the provision of the property.

2

For the purposes of the Capital Allowances Act

a

the transferee is to be taken to have incurred capital expenditure of that amount on the provision of the property for the purposes for which it is used by the transferee on and after the taking effect of the transfer,

b

the property is to be taken as belonging to the transferee in consequence of the transferee having incurred that expenditure, and

c

in the case of a fixture, the expenditure which falls to be treated as incurred by the transferee is to be taken for the purposes of sections 181(1) and 182(1) of that Act to be incurred by the giving of a consideration consisting in a capital sum of that amount.

3

In sub-paragraph (1)(c) “the relevant order or scheme” means—

a

in the case of a transfer by virtue of section 215, an order made by the Secretary of State by statutory instrument, or

b

in the case of a transfer by virtue of a scheme under paragraph 1 of Schedule 15 or paragraph 31 of Schedule 17, the scheme concerned.

4

A provision mentioned in sub-paragraph (1)(c) for the determination of an amount may include provision—

a

for a determination to be made by the Secretary of State in a manner described in the order or scheme,

b

for a determination to be made by reference to factors so described or to the opinion of a person so described, and

c

for a determination to be capable of being modified (on one or more occasions) in a manner and in circumstances so described.

5

The Treasury’s consent is required for the making or modification of a determination under a provision mentioned in sub-paragraph (1)(c).

6

The transferee’s consent is also required for such a modification after the relevant transfer takes effect.

7

If there is a determination or a modification of a determination under a provision mentioned in sub-paragraph (1)(c) all necessary adjustments—

a

must be made by making assessments or by repayment or discharge of tax, and

b

must be made despite any limitation on the time within which assessments may be made.

Capital allowances for plant and machinery: connected persons6

For the purposes of Part 2 of the Capital Allowances Act references in that Part to a transaction (however described) between connected persons within the meaning of section 839 of the 1988 Act are not to include references to a relevant transfer.

Loan relationships71

Sub-paragraph (2) applies if as a result of a relevant transfer the transferee replaces, or (if the transferor had been a company) would have replaced, the transferor as a party to a loan relationship.

2

Part 5 of the Corporation Tax Act 2009 is to have effect in relation to the time when the relevant transfer takes effect and any later time as if—

a

the transferee had been a party to the loan relationship at the time the transferor became, or (if the transferor had been a company) would have become, a party to the loan relationship and at all times since that time, and

b

the loan relationship to which the transferee is a party after the time the transfer takes effect is the same loan relationship as that to which, by virtue of paragraph (a), it is treated as having been a party before that time.

3

For the purposes of sub-paragraph (2) the transferor (and accordingly the transferee) is to be taken to have accounted for the loan relationship in accordance with a basis of accounting corresponding to that in accordance with which the transferee accounts for the loan relationship in the accounting period in which the transfer takes effect.

4

Expressions used in this paragraph and in Part 5 of the Corporation Tax Act 2009 have the same meanings in this paragraph as in that Part.

Part III Transfers from BR to SRA Interpretation8

In this Part of this Schedule—

relevant transfer” means a transfer of property, rights or liabilities by virtue of—

a

paragraph 11 of Schedule 18, or

b

a scheme under paragraph 1 of Schedule 19,

transferee”, in relation to a relevant transfer, means the Authority, and

transferor”, in relation to a relevant transfer, means the Board.

Chargeable gains: general9

For the purposes of the 1992 Act a disposal—

a

constituted by a relevant transfer, or

b

by virtue of provision made under paragraph 4 of Schedule 19,

is to be taken (in relation to the person to whom the disposal is made as well as the person making the disposal) to be for a consideration such that no gain or loss accrues to the person making the disposal.

Chargeable gains: restriction of losses101

If there has been a disposal of an asset—

a

constituted by a relevant transfer, or

b

by virtue of provision made under paragraph 4 of Schedule 19,

subsection (8) of section 41 of the 1992 Act (which applies that section to cases where assets have been acquired without gain or loss) is to have effect as if the asset had been disposed of and acquired in circumstances mentioned in that subsection.

2

This paragraph is not to prejudice paragraph 9.

Chargeable gains: groups111

Sub-paragraph (2) applies if a company (“the degrouped company”)—

a

acquired an asset from another company at any time when both were members of the same group of companies (“the old group”), and

b

ceases by virtue of a relevant transfer to be a member of the old group.

2

Section 179 of the 1992 Act (company ceasing to be member of group) is not to treat the degrouped company as having by virtue of the transfer sold and immediately reacquired the asset.

3

If sub-paragraph (2) applies to an asset, that section is to have effect on and after the first subsequent occasion on which the degrouped company ceases to be a member of a group of companies (“the new group”), otherwise than by virtue of a qualifying transfer, as if the degrouped company and the company from which it acquired the asset had been members of the new group at the time of acquisition.

4

If, disregarding any preparatory transactions, a company would be regarded for the purposes of section 179 of the 1992 Act (and, accordingly, of this paragraph) as ceasing to be a member of a group of companies by virtue of a qualifying transfer, it is to be regarded for those purposes as so doing by virtue of the qualifying transfer and not by virtue of any preparatory transactions.

5

In this paragraph “preparatory transaction” means anything done under or by virtue of this Part of this Act for the purpose of initiating, advancing or facilitating the qualifying transfer in question.

6

Expressions used in this paragraph and in section 179 of the 1992 Act have the same meanings in this paragraph as in that section.

Chargeable gains: disposal of debts121

Sub-paragraph (2) applies if in the case of a relevant transfer—

a

a debt owed to the transferor is transferred to the transferee, and

b

the transferor would, apart from this paragraph, be the original creditor in relation to that debt for the purposes of section 251 of the 1992 Act (disposal of debts).

2

The 1992 Act is to have effect as if the transferee (and not the transferor) were the original creditor for those purposes.

Continuity in relation to capital allowances etc. where trade transferred131

Sub-paragraphs (2) to (4) apply if—

a

the transferor ceased to carry on a trade by virtue of a relevant transfer taking effect, and

b

on the taking effect of that transfer, the transferee began to carry on the trade.

This sub-paragraph is to be read with sub-paragraph (8).

2

Subject to sub-paragraphs (3) and (4), in a case falling within sub-paragraph (1)—

a

there are to be made to or on the transferee in accordance with the Capital Allowances Act all such allowances and charges as would, if the transferor had continued to carry on the trade, have fallen to be made to or on the transferor, and

b

the amount of any such allowance or charge is to be computed as if—

i

the transferee had been carrying on the trade since the transferor began to do so, and

ii

everything done to or by the transferor had been done to or by the transferee (but so that the relevant transfer itself, so far as it relates to any assets in use for the purpose of the trade, shall not be treated as giving rise to any such allowance or charge).

3

For the purposes of the Corporation Tax Acts, only such amounts (if any) as may be specified in or determined in accordance with an order made by the Secretary of State by statutory instrument are to be allocated to the transferee in respect of expenditure by reference to which capital allowances may be made by virtue of sub-paragraph (2) in relation to anything to which the transfer relates.

4

Sub-paragraph (2) is to affect the amounts falling to be taken into account in relation to the transferor as expenditure by reference to which capital allowances may be made only so far as necessary to give effect to a reduction of any such amount by a sum equal to so much of that amount as is allocated to the transferee as mentioned in sub-paragraph (3).

5

An order under sub-paragraph (3) may include provision—

a

for a determination to be made by the Secretary of State in a manner described in the order,

b

for a determination to be made by reference to factors so described or to the opinion of a person so described, and

c

for a determination to be capable of being modified (on one or more occasions) in a manner and in circumstances so described.

6

The Treasury’s consent is required for the making or modification of a determination of any such amount as is mentioned in sub-paragraph (3).

7

The transferee’s consent is also required for such a modification after the relevant transfer takes effect.

8

In determining whether sub-paragraph (1) has effect in relation to a relevant transfer in a case where—

a

the transferor continues to carry on any trade or part of a trade after the transfer takes effect, or

b

the transferee was carrying on any trade before the transfer takes effect,

the trade or part of a trade which is continued, or was being carried on, shall for the purposes of that sub-paragraph be treated in relation to any trade or part of a trade which is transferred by virtue of the transfer as a separate trade and shall accordingly be disregarded.

9

If there is a determination or a modification of a determination for any purposes of this paragraph, all necessary adjustments—

a

must be made by making assessments or by repayment or discharge of tax, and

b

must be made despite any limitation on the time within which assessments may be made.

Capital allowances for plant and machinery141

This paragraph applies in relation to property if—

a

the property is plant or machinery to which a relevant transfer relates,

b

paragraph 13 does not apply in relation to the transfer of the property to the transferee,

c

the property would be treated for the purposes of the Capital Allowances Act as disposed of by the transferor to the transferee on the transfer taking effect, and

d

the scheme concerned contains provision for the disposal value of the property to be taken for the purposes of that Act to be of an amount specified in or determined in accordance with the scheme.

2

For the purposes of the Capital Allowances Act

a

the provision mentioned in sub-paragraph (1)(d) is to have effect (instead of section 61(2) to (4), 72(3) to (5), 171, 196 or 423 of that Act) for determining an amount as the disposal value of the property or the price at which a fixture is to be treated as sold,

b

the transferee is to be taken to have incurred capital expenditure of that amount on the provision of the property for the purposes for which it is used by the transferee on and after the taking effect of the transfer,

c

the property is to be taken as belonging to the transferee in consequence of the transferee having incurred that expenditure, and

d

in the case of a fixture, the expenditure which falls to be treated as incurred by the transferee is to be taken for the purposes of sections 181(1) and 182(1) of that Act to be incurred by the giving of a consideration consisting in a capital sum of that amount.

3

A provision mentioned in sub-paragraph (1)(d) for the determination of an amount may include provision—

a

for a determination to be made by the Secretary of State in a manner described in the scheme,

b

for a determination to be made by reference to factors so described or to the opinion of a person so described, and

c

for a determination to be capable of being modified (on one or more occasions) in a manner and in circumstances so described.

4

The Treasury’s consent is required for the making or modification of a determination under a provision mentioned in sub-paragraph (1)(d).

5

The transferee’s consent is also required for such a modification after the relevant transfer takes effect.

6

If there is a determination or a modification of a determination under a provision mentioned in sub-paragraph (1)(d) all necessary adjustments—

a

must be made by making assessments or by repayment or discharge of tax, and

b

must be made despite any limitation on the time within which assessments may be made.

Capital allowances for plant and machinery: connected persons15

For the purposes of Part 2 of the Capital Allowances Actreferences in that Part to a transaction (however described) between connected persons within the meaning of section 839 of the 1988 Act are not to include references to a relevant transfer.

Leased assets161

Sub-paragraphs (2) and (3) apply for the purposes of section 781 of the 1988 Act (assets leased to traders and others) if the interest of the lessor or the lessee under a lease, or any other interest in an asset, is transferred to a person under a relevant transfer.

2

The transfer is to be treated as made without any capital sum having been obtained in respect of the interest by the transferor; and this is so despite section 783(4) of that Act.

3

If the interest is an interest under a lease, payments made by the transferor under the lease before the transfer takes effect are to be treated as if they had been made under that lease by the transferee.

4

Sub-paragraph (5) applies for the purposes of section 781 of the 1988 Act if a lease, or any other interest in an asset, is granted by virtue of provision made under paragraph 4 of Schedule 19.

5

The grant is to be treated as made without any capital sum having been obtained in respect of the lease, or interest, by the grantor; and this is so despite section 783(4) of that Act.

6

No charge is to arise under section 781(1) of the 1988 Act by virtue of section 783(2) of that Act in a case where the capital sum mentioned in section 781(1)(b)(i) or (ii) of that Act is or forms part of the consideration obtained (or treated by section 783(4) of that Act as obtained) by the transferor on a disposal by virtue of a relevant transfer of securities of a subsidiary of the transferor.

7

Expressions used in this paragraph and in sections 781 to 785 of the 1988 Act have the same meanings in this paragraph as in those sections.

Loan relationships171

Sub-paragraph (2) applies if, as a result of a relevant transfer, the transferee replaces the transferor as a party to a loan relationship.

2

Part 5 of the Corporation Tax Act 2009 is to have effect in relation to the time when the relevant transfer takes effect and any later time as if—

a

the transferee had been a party to the loan relationship at the time the transferor became a party to the loan relationship and at all times since that time, and

b

the loan relationship to which the transferee is a party after the time the transfer takes effect is the same loan relationship as that to which, by virtue of paragraph (a), it is treated as having been a party before that time.

3

Expressions used in this paragraph and in Part 5 of the Corporation Tax Act 2009 have the same meanings in this paragraph as in that Part.

Charge to tax under Case I of Schedule D181

This paragraph applies for the purpose of computing the profits or losses of the transferor and the transferee under Case I of Schedule D in respect of any trade or part of a trade transferred by a relevant transfer in relation to the time when the transfer takes effect and any later time.

2

The trade or part of a trade transferred is to be treated as having been, at the time of its commencement and at all times since that time, a separate trade carried on by the transferee.

3

The trade carried on by the transferee after the time the transfer takes effect is to be treated as the same trade as that which, by virtue of sub-paragraph (2), it is treated as having carried on before that time.

4

This paragraph is subject to paragraphs 13 and 17.

Part IV Transfers to Secretary of State from SRA and BR Interpretation19

In this Part of this Schedule—

relevant transfer” means a transfer of property, rights or liabilities by virtue of—

a

a scheme under paragraph 1 of Schedule 21 under which the property, rights or liabilities are transferred to the Secretary of State, or

b

a scheme under paragraph 1 of Schedule 25,

transferee”, in relation to a relevant transfer, means the Secretary of State, and

transferor”, in relation to a relevant transfer, means the person from whom the property, rights or liabilities are transferred.

Chargeable gains: groups201

Sub-paragraph (2) applies if a company (“the degrouped company”)—

a

acquired an asset from another company at any time when both were members of the same group of companies (“the old group”), and

b

ceases by virtue of a relevant transfer to be a member of the old group.

2

Section 179 of the 1992 Act (company ceasing to be member of group) is not to treat the degrouped company as having by virtue of the transfer sold and immediately reacquired the asset.

3

If, disregarding any preparatory transactions, a company would be regarded for the purposes of section 179 of the 1992 Act (and, accordingly, of this paragraph) as ceasing to be a member of a group of companies by virtue of a relevant transfer, it is to be regarded for those purposes as so doing by virtue of the relevant transfer and not by virtue of any preparatory transactions.

4

In this paragraph “preparatory transaction” means anything done under or by virtue of this Part of this Act for the purpose of initiating, advancing or facilitating the relevant transfer in question.

5

Expressions used in this paragraph and in section 179 of the 1992 Act have the same meanings in this paragraph as in that section.

Capital allowances: actual consideration to be the disposal value211

Sub-paragraphs (2) to (4) apply for the purposes of Part 3 of the Capital Allowances Act, and the other provisions of that Act which are relevant to that Part, if there is a disposal by virtue of a relevant transfer of the relevant interest in—

a

an industrial building or structure, or

b

a qualifying hotel or a commercial building or structure.

2

The disposal is to be treated as a sale of that relevant interest.

3

The sale moneys in respect of that sale are to be taken—

a

if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that capital sum, or

b

if no such capital sum is received, to be nil.

4

Sections 567 to 570 of that Act (sales treated as being for alternative amount) (sales between connected persons or without change of control) are not to have effect in relation to that sale.

5

Sub-paragraph (6) applies for determining, in the case of plant or machinery which is treated for the purposes of the Capital Allowances Act as disposed of by virtue of a relevant transfer, the amount which (in consequence of that disposal) is to be brought into account as the disposal value of that plant or machinery for the purposes of section 60 of that Act (meaning of “disposal value” and “disposal event”) (balancing adjustments).

6

The amount is, subject to section 62 of that Act (general limit on amount of disposal value) to be taken—

a

if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that capital sum, or

b

if no such capital sum is received, to be nil.

7

Sub-paragraph (8) applies if, in consequence of a disposal by virtue of a relevant transfer, a person is treated by section 188 of the Capital Allowances Act as ceasing to own a fixtureat any time.

8

The amount which, in consequence of that disposal, is to be brought into account as the disposal value of the fixture for the purposes of section 60 of the Capital Allowances Act is, subject to section 62 of that Act, to be taken—

a

if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that portion of that capital sum which falls (or, if the person to whom the disposal is made were entitled to an allowance, would fall) to be treated for the purposes of Part 2 of that Actas expenditure incurred by that person on the provision of the fixture, or

b

if no such capital sum is received, to be nil.

9

Sub-paragraphs (3), (6) and (8) have effect despite any other provision of the Capital Allowances Act.

Leased assets221

Sub-paragraphs (2) and (3) apply for the purposes of section 781 of the 1988 Act (assets leased to traders and others) if the interest of the lessor or the lessee under a lease, or any other interest in an asset, is transferred to a person under a relevant transfer.

2

The transfer is to be treated as made without any capital sum having been obtained in respect of the interest by the transferor; and this is so despite section 783(4) of that Act.

3

If the interest is an interest under a lease, payments made by the transferor under the lease before the transfer takes effect are to be treated as if they had been made under that lease by the transferee.

4

Sub-paragraph (5) applies for the purposes of section 781 of the 1988 Act if a lease, or any other interest in an asset, is granted by the transferor by virtue of provision made under paragraph 5 of Schedule 21 or paragraph 4 of Schedule 25.

5

The grant is to be treated as made without any capital sum having been obtained in respect of the lease, or interest, by the transferor; and this is so despite section 783(4) of that Act.

6

No charge is to arise under section 781(1) of the 1988 Act by virtue of section 783(2) of that Act in a case where the capital sum mentioned in section 781(1)(b)(i) or (ii) of that Act is or forms part of the consideration obtained (or treated by section 783(4) of that Act as obtained) by the transferor on a disposal by virtue of a relevant transfer of securities of a subsidiary of the transferor.

7

Expressions used in this paragraph and in sections 781 to 785 of the 1988 Act have the same meanings in this paragraph as in those sections.

Part V Transfers from SRA to franchise company Interpretation23

In this Part of this Schedule—

relevant transfer” means a transfer of property, rights or liabilities by virtue of a scheme under paragraph 1 of Schedule 21 under which the property, rights or liabilities are transferred to a franchise company,

transferee”, in relation to a relevant transfer, means the franchise company to whom the property, rights or liabilities are transferred, and

transferor”, in relation to a relevant transfer, means the person from whom the property, rights or liabilities are transferred.

Chargeable gains: disposals not to be treated as made at market value241

Section 17 of the 1992 Act (disposals and acquisitions treated as made at market value) is not to have effect in relation to—

a

a disposal constituted by a relevant transfer or a disposal by virtue of provision made under paragraph 5 of Schedule 21, or

b

the acquisition made by the person to whom the disposal is made.

2

But sub-paragraph (1) does not apply—

a

if the person making the disposal is connected with the person making the acquisition, or

b

in the case of a disposal by virtue of provision made under paragraph 5 of Schedule 21, if the disposal is made by or to a person other than the transferor or the transferee.

3

If sub-paragraph (1) applies to the disposal of an asset, the disposal is to be taken (in relation to the person making the acquisition as well as the person making the disposal) to be—

a

in a case where consideration in money or money’s worth is given by the person making the acquisition or on his behalf in respect of the vesting of the asset in him, for a consideration equal to the amount or value of that consideration, or

b

in a case where no such consideration is given, for a consideration of nil.

Chargeable gains: groups251

Sub-paragraph (2) applies if a company (“the degrouped company”)—

a

acquired an asset from another company at any time when both were members of the same group of companies (“the old group”), and

b

ceases by virtue of a relevant transfer to be a member of the old group.

2

Section 179 of the 1992 Act (company ceasing to be member of group) is not to treat the degrouped company as having by virtue of the transfer sold and immediately reacquired the asset.

3

If sub-paragraph (2) applies to an asset, that section is to have effect on and after the first subsequent occasion on which the degrouped company ceases to be a member of a group of companies (“the new group”), otherwise than by virtue of a qualifying transfer, as if the degrouped company and the company from which it acquired the asset had been members of the new group at the time of acquisition.

4

If, disregarding any preparatory transactions, a company would be regarded for the purposes of section 179 of the 1992 Act (and, accordingly, of this paragraph) as ceasing to be a member of a group of companies by virtue of a qualifying transfer, it is to be regarded for those purposes as so doing by virtue of the qualifying transfer and not by virtue of any preparatory transactions.

5

In this paragraph “preparatory transaction” means anything done under or by virtue of this Part of this Act for the purpose of initiating, advancing or facilitating the qualifying transfer in question.

6

Expressions used in this paragraph and in section 179 of the 1992 Act have the same meanings in this paragraph as in that section.

Chargeable gains: disposal of debts261

Sub-paragraph (2) applies if in the case of a relevant transfer—

a

a debt owed to the transferor is transferred to the transferee, and

b

the transferor would, apart from this paragraph, be the original creditor in relation to that debt for the purposes of section 251 of the 1992 Act (disposal of debts).

2

The 1992 Act is to have effect as if the transferee (and not the transferor) were the original creditor for those purposes.

Capital allowances: actual consideration to be the disposal value271

Sub-paragraphs (2) to (4) apply for the purposes of Part 3 of the Capital Allowances Act, and the other provisions of that Act which are relevant to that Part, if there is a disposal by virtue of a relevant transfer of the relevant interest in—

a

an industrial building or structure, or

b

a qualifying hotel or a commercial building or structure.

2

The disposal is to be treated as a sale of that relevant interest.

3

The sale moneys in respect of that sale are to be taken—

a

if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that capital sum, or

b

if no such capital sum is received, to be nil.

4

Sections 567 to 570 of that Act (sales treated as being for alternative amount) are not to have effect in relation to that sale.

5

Sub-paragraph (6) applies for determining, in the case of plant or machinerywhich is treated for the purposes of the Capital Allowances Actas disposed of by virtue of a relevant transfer, the amount which (in consequence of that disposal) is to be brought into account as the disposal value of that plant or machineryfor the purposes of section 60 of that Act (meaning of “disposal value” and “disposal event”).

6

The amount is, subject to section 62 of that Act (general limit on amount of disposal value) to be taken—

a

if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that capital sum, or

b

if no such capital sum is received, to be nil.

7

Sub-paragraph (8) applies if, in consequence of a disposal by virtue of a relevant transfer, a person is treated by section 188 of the Capital Allowances Act as ceasing to own a fixture at any time.

8

The amount which, in consequence of that disposal, is to be brought into account as the disposal value of the fixture for the purposes of section 60 of the Capital Allowances Act is, subject to section 62 of that Act, to be taken—

a

if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that portion of that capital sum which falls (or, if the person to whom the disposal is made were entitled to an allowance, would fall) to be treated for the purposes of Part 2 of that Act as expenditure incurred by that person on the provision of the fixture, or

b

if no such capital sum is received, to be nil.

9

Sub-paragraphs (3), (6) and (8) have effect despite any other provision of the Capital Allowances Act.

Leased assets281

Sub-paragraphs (2) and (3) apply for the purposes of section 781 of the 1988 Act (assets leased to traders and others) if the interest of the lessor or the lessee under a lease, or any other interest in an asset, is transferred to a person under a relevant transfer.

2

The transfer is to be treated as made without any capital sum having been obtained in respect of the interest by the transferor; and this is so despite section 783(4) of that Act.

3

If the interest is an interest under a lease, payments made by the transferor under the lease before the transfer takes effect are to be treated as if they had been made under that lease by the transferee.

4

Sub-paragraph (5) applies for the purposes of section 781 of the 1988 Act if a lease, or any other interest in an asset, is granted by the transferor by virtue of provision made under paragraph 5 of Schedule 21.

5

The grant is to be treated as made without any capital sum having been obtained in respect of the lease, or interest, by the transferor; and this is so despite section 783(4) of that Act.

6

No charge is to arise under section 781(1) of the 1988 Act by virtue of section 783(2) of that Act in a case where the capital sum mentioned in section 781(1)(b)(i) or (ii) of that Act is or forms part of the consideration obtained (or treated by section 783(4) of that Act as obtained) by the transferor on a disposal by virtue of a relevant transfer of securities of a subsidiary of the transferor.

7

Expressions used in this paragraph and in sections 781 to 785 of the 1988 Act have the same meanings in this paragraph as in those sections.

Loan relationships291

Sub-paragraph (2) applies if, as a result of a relevant transfer, the transferee replaces the transferor as a party to a loan relationship.

2

Part 5 of the Corporation Tax Act 2009 is to have effect in relation to the time when the relevant transfer takes effect and any later time as if—

a

the transferee had been a party to the loan relationship at the time the transferor became a party to the loan relationship and at all times since that time, and

b

the loan relationship to which the transferee is a party after the time the transfer takes effect is the same loan relationship as that to which, by virtue of paragraph (a), it is treated as having been a party before that time.

3

Expressions used in this paragraph and in Part 5 of the Corporation Tax Act 2009 have the same meanings in this paragraph as in that Part.

Part VI Transfers of franchise assets Interpretation30

In this Part of this Schedule—

relevant transfer” means a transfer of property, rights or liabilities by virtue of a scheme under paragraph 2 of Schedule 21 under which the property, rights or liabilities are transferred from a person which is, or has been, a franchise company,

transferee”, in relation to a relevant transfer, means the person to whom the property, rights or liabilities are transferred, and

transferor”, in relation to a relevant transfer, means the person from whom the property, rights or liabilities are transferred.

Chargeable gains: disposals not to be treated as made at market value311

Section 17 of the 1992 Act (disposals and acquisitions treated as made at market value) is not to have effect in relation to—

a

a disposal constituted by a relevant transfer or a disposal by virtue of provision made under paragraph 5 of Schedule 21, or

b

the acquisition made by the person to whom the disposal is made.

2

But sub-paragraph (1) does not apply—

a

if the person making the disposal is connected with the person making the acquisition, or

b

in the case of a disposal by virtue of provision made under paragraph 5 of Schedule 21, if the disposal is made by or to a person other than the transferor or the transferee.

3

If sub-paragraph (1) applies to the disposal of an asset, the disposal is to be taken (in relation to the person making the acquisition as well as the person making the disposal) to be—

a

in a case where consideration in money or money’s worth is given by the person making the acquisition or on his behalf in respect of the vesting of the asset in him, for a consideration equal to the amount or value of that consideration, or

b

in a case where no such consideration is given, for a consideration of nil.

Chargeable gains: groups321

Sub-paragraph (2) applies if a company (“the degrouped company”)—

a

acquired an asset from another company at any time when both were members of the same group of companies (“the old group”), and

b

ceases by virtue of a relevant transfer to be a member of the old group.

2

Section 179 of the 1992 Act (company ceasing to be member of group) is not to treat the degrouped company as having by virtue of the transfer sold and immediately reacquired the asset.

3

If sub-paragraph (2) applies to an asset, that section is to have effect on and after the first subsequent occasion on which the degrouped company ceases to be a member of a group of companies (“the new group”), otherwise than by virtue of a qualifying transfer, as if the degrouped company and the company from which it acquired the asset had been members of the new group at the time of acquisition.

4

If, disregarding any preparatory transactions, a company would be regarded for the purposes of section 179 of the 1992 Act (and, accordingly, of this paragraph) as ceasing to be a member of a group of companies by virtue of a qualifying transfer, it is to be regarded for those purposes as so doing by virtue of the qualifying transfer and not by virtue of any preparatory transactions.

5

In this paragraph “preparatory transaction” means anything done under or by virtue of this Part of this Act for the purpose of initiating, advancing or facilitating the qualifying transfer in question.

6

Expressions used in this paragraph and in section 179 of the 1992 Act have the same meanings in this paragraph as in that section.

Chargeable gains: disposal of debts331

Sub-paragraph (2) applies if in the case of a relevant transfer—

a

a debt owed to the transferor is transferred to the transferee, and

b

the transferor would, apart from this paragraph, be the original creditor in relation to that debt for the purposes of section 251 of the 1992 Act (disposal of debts).

2

The 1992 Act is to have effect as if the transferee (and not the transferor) were the original creditor for those purposes.

Capital allowances: actual consideration to be the disposal value341

Sub-paragraphs (2) to (5) apply for the purposes of Part 3 of the Capital Allowances Act, and the other provisions of that Act which are relevant to that Part, if there is a disposal by virtue of a relevant transfer of the relevant interest in—

a

an industrial building or structure, or

b

a qualifying hotel or a commercial building or structure.

2

The disposal is to be treated as a sale of that relevant interest.

3

The sale moneys in respect of that sale are to be taken—

a

if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that capital sum, or

b

if no such capital sum is received, to be nil.

4

The sale moneys in respect of that sale are to be taken, as respects the transferee only, to include in addition an amount equal to any capital sum received by a person other than the transferor or a person connected with the transferor by way of consideration or compensation in respect of the acquisition of the relevant interest by the transferee.

5

Sections 567 to 570 of that Act (sales treated as being for alternative amount) are not to have effect in relation to that sale.

6

Sub-paragraph (7) applies for determining, in the case of plant or machinerywhich is treated for the purposes of the Capital Allowances Act as disposed of by virtue of a relevant transfer, the amount which (in consequence of that disposal) is to be brought into account as the disposal value of that plant or machinery for the purposes of sections 60 of that Act (meaning of “disposal value” and “disposal event”).

7

The amount is, subject to section 62 of that Act (general limit on amount of disposal value) to be taken—

a

if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that capital sum, or

b

if no such capital sum is received, to be nil.

8

Sub-paragraph (9) applies if, in consequence of a disposal by virtue of a relevant transfer, a person is treated by section 188 of the Capital Allowances Act as ceasing to own a fixture at any time.

9

The amount which, in consequence of that disposal, is to be brought into account as the disposal value of the fixture for the purposes of section 60 of the Capital Allowances Act is, subject to section 62 of that Act, to be taken—

a

if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that portion of that capital sum which falls (or, if the person to whom the disposal is made were entitled to an allowance, would fall) to be treated for the purposes of Part 2 of that Act as expenditure incurred by that person on the provision of the fixture, or

b

if no such capital sum is received, to be nil.

10

Sub-paragraphs (3), (4), (7) and (9) have effect despite any other provision of the Capital Allowances Act.

Loan relationships351

Section 444 of the Corporation Tax Act 2009 is not to have effect in a case where, as a result of a relevant transfer, the transferee replaces the transferor as a party to a loan relationship.

2

Expressions used in this paragraph and in Part 5 of the Corporation Tax Act 2009 have the same meanings in this paragraph as in that Part.

Part VII Other provisions concerning transfers Chargeable gains: value shifting36

Nothing in this Part of this Act and nothing done under it is to be regarded as a scheme or arrangement for the purposes of section 30 of the 1992 Act (tax-free benefits).

Chargeable gains: consequential amendment37

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Group relief38

The existence of the powers of the Secretary of State or the Authority under this Part of this Act is not to be regarded (and nothing else in that Part is to be regarded) as—

a

constituting arrangements falling within section 410(1) or (2) of the 1988 Act (arrangements for transfer of company to another group or consortium), or

b

constituting option arrangements for the purposes of paragraph 5B of Schedule 18 to the 1988 Act.

Modifications of transfer schemes391

Sub-paragraph (2) applies if—

a

the effect of a scheme under paragraph 1 of Schedule 15, paragraph 31 of Schedule 17, paragraph 1 of Schedule 19 or paragraph 1 of Schedule 25 is modified by an order made by the Secretary of State, or

b

the effect of a scheme under paragraph 1 of Schedule 21 under which the property, rights or liabilities are transferred to the Secretary of State or a franchise company is modified by an agreement made under paragraph 15 of that Schedule.

2

The Corporation Tax Acts (including this Schedule) are to have effect as if—

a

the scheme had been made as modified, and

b

anything done by or in relation to the preceding holder had (so far as relating to the property, rights or liabilities affected by the modification) been done by or in relation to the subsequent holder.

3

For the purposes of sub-paragraph (2) the preceding holder is the person who without the modification—

a

became (under the scheme concerned) entitled or subject to the property, rights or liabilities affected by the modification, or

b

remained (despite the scheme concerned) entitled or subject to the property, rights or liabilities affected by the modification,

as the case may be.

4

For the purposes of sub-paragraph (2) the subsequent holder is the person who (in consequence of the modification) becomes, or resumes being, entitled or subject to the property, rights or liabilities affected by the modification.

Stamp duty and stamp duty reserve tax401

Stamp duty is not to be chargeable on—

a

a scheme under paragraph 1 of Schedule 15, paragraph 31 of Schedule 17 or paragraph 1 of Schedule 19, 21 or 25, or

b

an instrument or agreement which is certified to the Commissioners of Inland Revenue by the Secretary of State as made in pursuance of such a scheme.

2

No such scheme, and no instrument or agreement which is certified as mentioned in sub-paragraph (1)(b), is to be taken to be duly stamped unless—

a

it has, in accordance with section 12 of the Stamp Act 1891, been stamped with a particular stamp denoting that it is not chargeable with that duty or that it is duly stamped, or

b

it is stamped with the duty to which it would be liable, apart from this paragraph.

3

Section 12 of the Finance Act 1895 is not to operate to require—

a

the delivery to the Inland Revenue of a copy of this Act, or

b

the payment of stamp duty under that section on any copy of this Act,

and is not to apply in relation to an instrument on which, by virtue of sub-paragraph (1), stamp duty is not chargeable.

4

An agreement to transfer chargeable securities, as defined in section 99 of the Finance Act 1986, to a person specified in sub-paragraph (2)(a) to (c) of paragraph 1 of Schedule 21 is not to give rise to a charge to stamp duty reserve tax if the agreement is made for the purposes of, or for purposes connected with, a scheme under that paragraph.

Stamp duty land tax 40A1

For the purposes of stamp duty land tax, a land transaction which is effected by, or in pursuance of a scheme under paragraph 1 of Schedule 15, paragraph 31 of Schedule 17 or paragraph 1 of Schedule 19, 21 or 25 is exempt from charge.

2

Relief under this paragraph must be claimed in a land transaction return or an amendment of such a return.

3

In this paragraph—

“land transaction” has the meaning given by section 43(1) of the Finance Act 2003;

“land transaction return” has the meaning given by section 76(1) of that Act.

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<references source="#source">
<TLCOrganization eId="source" href="http://www.legislation.gov.uk/id/publisher/StatuteLawDatabase" showAs="Statute Law Database"/>
<passiveRef href="http://www.legislation.gov.uk/id/ukpga/2005/14" showAs="Railways Act 2005"/>
<passiveRef href="http://www.legislation.gov.uk/id/ukpga/2017/21" showAs="Bus Services Act 2017"/>
<passiveRef href="http://www.legislation.gov.uk/id/ukpga/2024/13" showAs="Digital Markets, Competition and Consumers Act 2024"/>
<passiveRef href="http://www.legislation.gov.uk/id/uksi/2011/1043" showAs="The Treaty of Lisbon (Changes in Terminology) Order 2011"/>
<passiveRef href="http://www.legislation.gov.uk/id/uksi/2019/1245" showAs="The Competition (Amendment etc.) (EU Exit) (No. 2) Regulations 2019 (expired—not approved)"/>
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<notes source="#source">
<note class="commentary M" eId="c14889931">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/1">1988 c. 1</ref>
.
</p>
</note>
<note class="commentary F" eId="c14889941">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/1/1">Sch. 26 para. 1(1)</ref>
: Definition of “the 1990 Act” repealed (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">ss. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/580">580</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/1/a">Sch. 2 para. 109(1)(a)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/4">Sch. 4</ref>
</p>
</note>
<note class="commentary M" eId="c14889951">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1992/12">1992 c. 12</ref>
.
</p>
</note>
<note class="commentary F" eId="c14889961">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/1/1">Sch. 26 para. 1(1)</ref>
: Definition of “the Capital Allowances Act” substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/1/b">Sch. 2 para. 109(1)(b)</ref>
</p>
</note>
<note class="commentary F" eId="c14889971">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/1/1">Sch. 26 para. 1(1)</ref>
: Words in the definition of “fixture” substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/1/c">Sch. 2 para. 109(1)(c)</ref>
</p>
</note>
<note class="commentary F" eId="c14889981">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/1/3">Sch. 26 para. 1(3)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/2">Sch. 2 para. 109(2)</ref>
</p>
</note>
<note class="commentary F" eId="c14889991">
<p>
Words in Sch. 26 para. 5(1)(b) substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/3">Sch. 2 para. 109(3)</ref>
</p>
</note>
<note class="commentary F" eId="c14890011">
<p>
Words in Sch. 26 para. 5(1)(c) substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/4">Sch. 2 para. 109(4)</ref>
</p>
</note>
<note class="commentary F" eId="c14890021">
<p>
Words in Sch. 26 para. 5(2) substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/5/a">Sch. 2 para. 109(5)(a)</ref>
</p>
</note>
<note class="commentary F" eId="c14890031">
<p>
Words in Sch. 26 para. 5(2)(c) substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/5/b">Sch. 2 para. 109(5)(b)</ref>
</p>
</note>
<note class="commentary F" eId="c14890041">
<p>
Words in Sch. 26 para. 6 substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/6">Sch. 2 para. 109(6)</ref>
</p>
</note>
<note class="commentary F" eId="c14890061">
<p>
Words in Sch. 26 para. 13(1)(2)(a) substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/7">Sch. 2 para. 109(7)</ref>
</p>
</note>
<note class="commentary F" eId="c14890081">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/14/1/c">Sch. 26 para. 14(1)(c)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/8">Sch. 2 para. 109(8)</ref>
</p>
</note>
<note class="commentary F" eId="c14890091">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/14/1/d">Sch. 26 para. 14(1)(d)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/9">Sch. 2 para. 109(9)</ref>
</p>
</note>
<note class="commentary F" eId="c14890101">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/14/2">Sch. 26 para. 14(2)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/10/a">Sch. 2 para. 109(10)(a)</ref>
</p>
</note>
<note class="commentary F" eId="c14890111">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/14/2/a">Sch. 26 para. 14(2)(a)</ref>
substituted (22.3.2001, with effect as mentioned by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/10/b">Sch. 2 para. 109(10)(b)</ref>
</p>
</note>
<note class="commentary F" eId="c14890121">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/14/2/d">Sch. 26 para. 14(2)(d)</ref>
substituted (22.3.2001, with effect as mentioned by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/10/c">Sch. 2 para. 109(10)(c)</ref>
</p>
</note>
<note class="commentary F" eId="c14890131">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/15">Sch. 26 para. 15</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/11">Sch. 2 para. 109(11)</ref>
</p>
</note>
<note class="commentary F" eId="c14890151">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/21/1">Sch. 26 para. 21(1)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/12">Sch. 2 para. 109(12)</ref>
</p>
</note>
<note class="commentary F" eId="c14890161">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/21/4">Sch. 26 para. 21(4)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/13">Sch. 2 para. 109(13)</ref>
</p>
</note>
<note class="commentary F" eId="c14890171">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/21/5">Sch. 26 para. 21(5)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/14/a">Sch. 2 para. 109(14)(a)</ref>
</p>
</note>
<note class="commentary F" eId="c14890181">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/21/5">Sch. 26 para. 21(5)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/14/b">Sch. 2 para. 109(14)(b)</ref>
</p>
</note>
<note class="commentary F" eId="c14890201">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/21/5">Sch. 26 para. 21(5)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/14/c">Sch. 2 para. 109(14)(c)</ref>
</p>
</note>
<note class="commentary F" eId="c14890211">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/21/6">Sch. 26 para. 21(6)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/15">Sch. 2 para. 109(15)</ref>
</p>
</note>
<note class="commentary F" eId="c14890221">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/21/7">Sch. 26 para. 21(7)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/16">Sch. 2 para. 109(16)</ref>
</p>
</note>
<note class="commentary F" eId="c14890231">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/21/8">Sch. 26 para. 21(8)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/17/a">Sch. 2 para. 109(17)(a)</ref>
</p>
</note>
<note class="commentary F" eId="c14890241">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/21/8/a">Sch. 26 para. 21(8)(a)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/17/b">Sch. 2 para. 109(17)(b)</ref>
</p>
</note>
<note class="commentary F" eId="c14890251">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/21/9">Sch. 26 para. 21(9)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/18">Sch. 2 para. 109(18)</ref>
</p>
</note>
<note class="commentary F" eId="c14890261">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/27/1">Sch. 26 para. 27(1)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/19">Sch. 2 para. 109(19)</ref>
</p>
</note>
<note class="commentary F" eId="c14890271">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/27/4">Sch. 26 para. 27(4)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/20">Sch. 2 para. 109(20)</ref>
</p>
</note>
<note class="commentary F" eId="c14890281">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/27/5">Sch. 26 para. 27(5)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/21/a">Sch. 2 para. 109(21)(a)</ref>
</p>
</note>
<note class="commentary F" eId="c14890291">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/27/5">Sch. 26 para. 27(5)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/21/b">Sch. 2 para. 109(21)(b)</ref>
</p>
</note>
<note class="commentary F" eId="c14890311">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/27/5">Sch. 26 para. 27(5)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/21/c">Sch. 2 para. 109(21)(c)</ref>
</p>
</note>
<note class="commentary F" eId="c14890321">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/27/6">Sch. 26 para. 27(6)</ref>
substituted (23.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/22">Sch. 2 para. 109(22)</ref>
</p>
</note>
<note class="commentary F" eId="c14890331">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/27/7">Sch. 26 para. 27(7)</ref>
substituted (23.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/23">Sch. 2 para. 109(23)</ref>
</p>
</note>
<note class="commentary F" eId="c14890341">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/27/8">Sch. 26 para. 27(8)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/24/a">Sch. 2 para. 109(24)(a)</ref>
</p>
</note>
<note class="commentary F" eId="c14890351">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/27/8/a">Sch. 26 para. 27(8)(a)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/24/b">Sch. 2 para. 109(24)(b)</ref>
</p>
</note>
<note class="commentary F" eId="c14890361">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/27/9">Sch. 26 para. 27(9)</ref>
substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/25">Sch. 2 para. 109(25)</ref>
</p>
</note>
<note class="commentary F" eId="c14890381">
<p>
Words in Sch. 26 para. 34(1) substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/26">Sch. 2 para. 109(26)</ref>
</p>
</note>
<note class="commentary F" eId="c14890391">
<p>
Words in Sch. 26 para. 34(5) substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/27">Sch. 2 para. 109(27)</ref>
</p>
</note>
<note class="commentary F" eId="c14890401">
<p>
Words in Sch. 26 para. 34(6) substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/28/a">Sch. 2 para. 109(28)(a)</ref>
</p>
</note>
<note class="commentary F" eId="c14890411">
<p>
Words in Sch. 26 para. 34(6) substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/28/b">Sch. 2 para. 109(28)(b)</ref>
</p>
</note>
<note class="commentary F" eId="c14890431">
<p>
Words in Sch. 26 para. 34(6) substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/28/c">Sch. 2 para. 109(28)(c)</ref>
</p>
</note>
<note class="commentary F" eId="c14890441">
<p>
Words in Sch. 26 para. 34(7) substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/29">Sch. 2 para. 109(29)</ref>
</p>
</note>
<note class="commentary F" eId="c14890451">
<p>
Words in Sch. 26 para. 34(8) substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/30">Sch. 2 para. 109(30)</ref>
</p>
</note>
<note class="commentary F" eId="c14890461">
<p>
Words in Sch. 26 para. 34(9) substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/31/a">Sch. 2 para. 109(31)(a)</ref>
</p>
</note>
<note class="commentary F" eId="c14890471">
<p>
Words in Sch. 26 para. 34(9)(a) substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/31/b">Sch. 2 para. 109(31)(b)</ref>
</p>
</note>
<note class="commentary F" eId="c14890481">
<p>
Words in Sch. 26 para. 34(10) substituted (22.3.2001, with effect as mentioned in
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/579/1">s. 579(1)</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2">2001 c. 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/section/578">s. 578</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/2/schedule/2/paragraph/109/32">Sch. 2 para. 109(32)</ref>
</p>
</note>
<note class="commentary M" eId="c14890501">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1891/39">1891 c. 39</ref>
.
</p>
</note>
<note class="commentary M" eId="c14890511">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1895/16">1895 c. 16</ref>
.
</p>
</note>
<note class="commentary M" eId="c14890521">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1986/41">1986 c. 41</ref>
.
</p>
</note>
<note class="commentary F" eId="key-b2b03678dc79a860ac99275fe0dea1a8">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/part/II">Sch. 26 Pt. II</ref>
substituted (5.7.2004) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/20">Railways and Transport Safety Act 2003 (c. 20)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/20/schedule/2/paragraph/19/t/vi">Sch. 2 para. 19(t)(vi)</ref>
;
<ref href="http://www.legislation.gov.uk/id/uksi/2004/827">S.I. 2004/827</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/827/article/4/g">art. 4(g)</ref>
</p>
</note>
<note class="commentary F" eId="key-86da8489c6f97f5cd383e8190e4cb1b3">
<p>
Words in Sch. 26 para. 7(3) substituted (with effect in accordance with s. 52(3) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2004/12">Finance Act 2004 (c. 12)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2004/12/schedule/10/paragraph/46">Sch. 10 para. 46</ref>
</p>
</note>
<note class="commentary F" eId="key-28ee7fe45128a30e2546e8fd5779b489">
<p>
Sch. 26 para. 37 omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9">Finance Act 2008 (c. 9)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9/schedule/2/paragraph/70/e/ii">Sch. 2 para. 70(e)(ii)</ref>
</p>
</note>
<note class="commentary F" eId="M_F_74372c45-1ef6-4552-dec3-f9145208e6a3">
<p>
Sch. 26 para. 40A and cross-heading inserted (1.12.2003) by the
<ref href="http://www.legislation.gov.uk/id/uksi/2003/2867">Stamp Duty Land Tax (Consequential Amendment of Enactments) Regulations 2003 (S.I. 2003/2867)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2003/2867/regulation/1">reg. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2003/2867/schedule/paragraph/32">Sch. para. 32</ref>
</p>
</note>
<note class="commentary F" eId="key-2a18527f466ced309096d8fd1b003923">
<p>
Words in Sch. 26 para. 7(2) substituted (with effect in accordance with s. 1329(1) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4">Corporation Tax Act 2009 (c. 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/section/1329/1">s. 1329(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/1/paragraph/473/2/a">Sch. 1 para. 473(2)(a)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/1">Sch. 2 Pts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/2">2</ref>
)
</p>
</note>
<note class="commentary F" eId="key-eaf0bbc65900f811458e69003a049773">
<p>
Words in Sch. 26 para. 7(4) substituted (with effect in accordance with s. 1329(1) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4">Corporation Tax Act 2009 (c. 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/section/1329/1">s. 1329(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/1/paragraph/473/2/b">Sch. 1 para. 473(2)(b)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/1">Sch. 2 Pts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/2">2</ref>
)
</p>
</note>
<note class="commentary F" eId="key-3d18a24f912835083c6870132b8109cd">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/13/1">Sch. 26 para. 13(1)</ref>
substituted (with effect in accordance with s. 1329(1) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4">Corporation Tax Act 2009 (c. 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/section/1329/1">s. 1329(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/1/paragraph/473/3">Sch. 1 para. 473(3)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/1">Sch. 2 Pts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/2">2</ref>
)
</p>
</note>
<note class="commentary F" eId="key-08160c53e4f3a5485581ec40578566f4">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/17/2">Sch. 26 para. 17(2)</ref>
substituted (with effect in accordance with s. 1329(1) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4">Corporation Tax Act 2009 (c. 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/section/1329/1">s. 1329(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/1/paragraph/473/4/a">Sch. 1 para. 473(4)(a)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/1">Sch. 2 Pts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/2">2</ref>
)
</p>
</note>
<note class="commentary F" eId="key-4dbbf59eb01114c41988ebe79d5c1444">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/17/3">Sch. 26 para. 17(3)</ref>
substituted (with effect in accordance with s. 1329(1) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4">Corporation Tax Act 2009 (c. 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/section/1329/1">s. 1329(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/1/paragraph/473/4/b">Sch. 1 para. 473(4)(b)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/1">Sch. 2 Pts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/2">2</ref>
)
</p>
</note>
<note class="commentary F" eId="key-da53481ce48ebd79656c2b783075cca9">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/29/2">Sch. 26 para. 29(2)</ref>
substituted (with effect in accordance with s. 1329(1) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4">Corporation Tax Act 2009 (c. 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/section/1329/1">s. 1329(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/1/paragraph/473/5/a">Sch. 1 para. 473(5)(a)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/1">Sch. 2 Pts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/2">2</ref>
)
</p>
</note>
<note class="commentary F" eId="key-e6f3d9f900a8d05eb4d3a92828f1f884">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/29/3">Sch. 26 para. 29(3)</ref>
substituted (with effect in accordance with s. 1329(1) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4">Corporation Tax Act 2009 (c. 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/section/1329/1">s. 1329(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/1/paragraph/473/5/b">Sch. 1 para. 473(5)(b)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/1">Sch. 2 Pts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/2">2</ref>
)
</p>
</note>
<note class="commentary F" eId="key-32f5f573dd2905fbdfacfb36ac334c03">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/35/1">Sch. 26 para. 35(1)</ref>
substituted (with effect in accordance with s. 1329(1) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4">Corporation Tax Act 2009 (c. 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/section/1329/1">s. 1329(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/1/paragraph/473/6/a">Sch. 1 para. 473(6)(a)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/1">Sch. 2 Pts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/2">2</ref>
)
</p>
</note>
<note class="commentary F" eId="key-d288ccf527e0ccf350d96a59b3959d84">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/38/schedule/26/paragraph/35/2">Sch. 26 para. 35(2)</ref>
substituted (with effect in accordance with s. 1329(1) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4">Corporation Tax Act 2009 (c. 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/section/1329/1">s. 1329(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/1/paragraph/473/6/b">Sch. 1 para. 473(6)(b)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/1">Sch. 2 Pts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/2">2</ref>
)
</p>
</note>
</notes>
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<portionBody>
<hcontainer name="schedules" eId="d4e311" period="#period9">
<heading> SCHEDULES</heading>
<hcontainer name="schedule" eId="schedule-26" period="#period10">
<num>
SCHEDULE 26
<authorialNote class="referenceNote" placement="right">
<p>Section 250.</p>
</authorialNote>
</num>
<heading> Transfers: tax</heading>
<part eId="schedule-26-part-I" period="#period1">
<num>Part I</num>
<heading> Interpretation</heading>
<paragraph eId="schedule-26-paragraph-1" period="#period3">
<num>1</num>
<subparagraph eId="schedule-26-paragraph-1-1">
<num>1</num>
<content>
<p>In this Schedule—</p>
<blockList class="unordered">
<item>
<p>
<term refersTo="#term-the-1988-act">the 1988 Act</term>
” means the
<noteRef href="#c14889931" marker="M1" class="commentary M"/>
Income and Corporation Taxes Act 1988,
</p>
</item>
<item>
<p>
<noteRef href="#c14889941" marker="F1" class="commentary F"/>
....
</p>
</item>
<item>
<p>
<term refersTo="#term-the-1992-act">the 1992 Act</term>
” means the
<noteRef href="#c14889951" marker="M2" class="commentary M"/>
Taxation of Chargeable Gains Act 1992,
</p>
</item>
<item>
<p>
<ins class="d29p48092 first">
<noteRef href="#c14889961" marker="F2" class="commentary attribute F"/>
</ins>
<term refersTo="#term-the-capital-allowances-act">
<ins class="d29p48092">the Capital Allowances Act</ins>
</term>
<ins class="d29p48092 last">” means the Capital Allowances Act 2001 and includes, where the context admits, enactments which under the 1988 Act are to be treated as contained in the Capital Allowances Act 2001,</ins>
</p>
</item>
<item>
<p>
<term refersTo="#term-fixture">fixture</term>
” has the same meaning as in
<ins class="d29p48108 first last">
<noteRef href="#c14889971" marker="F3" class="commentary attribute F"/>
Chapter 14 of Part 2 of the Capital Allowances Act
</ins>
,
</p>
</item>
<item>
<p>
<term refersTo="#term-franchise-company">franchise company</term>
” means any body corporate which is, or is to be, the franchisee or the franchise operator under a franchise agreement, and
</p>
</item>
<item>
<p>
<term refersTo="#term-qualifying-transfer">qualifying transfer</term>
” means a transfer which is a relevant transfer for the purposes of any of Parts II to
<abbr class="Acronym" title="6">VI</abbr>
of this Schedule.
</p>
</item>
</blockList>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-1-2">
<num>2</num>
<content>
<p>So far as it relates to corporation tax, this Schedule is to be construed as one with the Corporation Tax Acts.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-1-3">
<num>3</num>
<content>
<p>
So far as it relates to capital allowances, this Schedule is to be construed as one with
<ins class="d29p48138 first last">
<noteRef href="#c14889981" marker="F4" class="commentary attribute F"/>
the Capital Allowances Act
</ins>
.
</p>
</content>
</subparagraph>
</paragraph>
</part>
<part eId="schedule-26-part-II" period="#period10">
<num>Part II</num>
<heading>
Transfers to
<abbr class="Acronym" title="Strategic Rail Authority">SRA</abbr>
from Franchising Director, Secretary of State and
<ins class="substitution key-b2b03678dc79a860ac99275fe0dea1a8-1507722229035 first last">
<noteRef href="#key-b2b03678dc79a860ac99275fe0dea1a8" marker="F47" class="commentary attribute F"/>
Office of Rail Regulation
</ins>
</heading>
<hcontainer name="crossheading" eId="schedule-26-part-II-crossheading-interpretation" period="#period1">
<heading> Interpretation</heading>
<paragraph eId="schedule-26-paragraph-2" period="#period1">
<num>2</num>
<content>
<p>In this Part of this Schedule—</p>
<blockList class="unordered">
<item>
<p>
<term refersTo="#term-relevant-transfer">relevant transfer</term>
” means a transfer of property, rights or liabilities by virtue of—
</p>
<blockList class="ordered">
<item>
<num>a</num>
<p>section 215,</p>
</item>
<item>
<num>b</num>
<p>a scheme under paragraph 1 of Schedule 15, or</p>
</item>
<item>
<num>c</num>
<p>a scheme under paragraph 31 of Schedule 17,</p>
</item>
</blockList>
</item>
<item>
<p>
<term refersTo="#term-transferee">transferee</term>
”, in relation to a relevant transfer, means the Authority, and
</p>
</item>
<item>
<p>
<term refersTo="#term-transferor">transferor</term>
”, in relation to a relevant transfer, means the person from whom the property, rights or liabilities are transferred.
</p>
</item>
</blockList>
</content>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-II-crossheading-chargeable-gains-no-gain-no-loss" period="#period1">
<heading> Chargeable gains: no gain no loss</heading>
<paragraph eId="schedule-26-paragraph-3" period="#period1">
<num>3</num>
<content>
<p>For the purposes of the 1992 Act a disposal by virtue of provision made under paragraph 34(a) of Schedule 17 is to be taken to be for a consideration such that no gain or loss accrues to the person making the disposal.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-II-crossheading-chargeable-gains-disposal-of-debts" period="#period1">
<heading> Chargeable gains: disposal of debts</heading>
<paragraph eId="schedule-26-paragraph-4" period="#period1">
<num>4</num>
<subparagraph eId="schedule-26-paragraph-4-1">
<num>1</num>
<intro>
<p>Sub-paragraph (2) applies if in the case of a relevant transfer—</p>
</intro>
<paragraph eId="schedule-26-paragraph-4-1-a">
<num>a</num>
<content>
<p>a debt owed to the transferor is transferred to the transferee, and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-4-1-b">
<num>b</num>
<content>
<p>the transferor would, apart from this paragraph, be the original creditor in relation to that debt for the purposes of section 251 of the 1992 Act (disposal of debts).</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-4-2">
<num>2</num>
<content>
<p>The 1992 Act is to have effect as if the transferee (and not the transferor) were the original creditor for those purposes.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-II-crossheading-capital-allowances-for-plant-and-machinery" period="#period1">
<heading> Capital allowances for plant and machinery</heading>
<paragraph eId="schedule-26-paragraph-5" period="#period3">
<num>5</num>
<subparagraph eId="schedule-26-paragraph-5-1">
<num>1</num>
<intro>
<p>This paragraph applies in relation to property if—</p>
</intro>
<paragraph eId="schedule-26-paragraph-5-1-a">
<num>a</num>
<content>
<p>the property is plant or machinery to which a relevant transfer relates,</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-5-1-b">
<num>b</num>
<content>
<p>
the property would have been treated for the purposes of
<ins class="d29p48265 first last">
<noteRef href="#c14889991" marker="F5" class="commentary attribute F"/>
the Capital Allowances Act
</ins>
(had the transferor incurred expenditure qualifying for allowances under
<ins class="d29p48269 first last">
<noteRef href="#c14889991" marker="F5" class="commentary attribute F"/>
Part 2 of that Act
</ins>
on the provision of the property) as disposed of by the transferor to the transferee on the transfer taking effect, and
</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-5-1-c">
<num>c</num>
<content>
<p>
the relevant order or scheme contains provision for the transferee to be taken for the purposes of
<ins class="d29p48279 first last">
<noteRef href="#c14890011" marker="F6" class="commentary attribute F"/>
that Act
</ins>
to have incurred capital expenditure of an amount specified in or determined in accordance with the order or scheme on the provision of the property.
</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-5-2">
<num>2</num>
<intro>
<p>
For the purposes of
<ins class="d29p48289 first last">
<noteRef href="#c14890021" marker="F7" class="commentary attribute F"/>
the Capital Allowances Act
</ins>
</p>
</intro>
<paragraph eId="schedule-26-paragraph-5-2-a">
<num>a</num>
<content>
<p>the transferee is to be taken to have incurred capital expenditure of that amount on the provision of the property for the purposes for which it is used by the transferee on and after the taking effect of the transfer,</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-5-2-b">
<num>b</num>
<content>
<p>the property is to be taken as belonging to the transferee in consequence of the transferee having incurred that expenditure, and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-5-2-c">
<num>c</num>
<content>
<p>
in the case of a fixture, the expenditure which falls to be treated as incurred by the transferee is to be taken for the purposes of
<ins class="d29p48311 first last">
<noteRef href="#c14890031" marker="F8" class="commentary attribute F"/>
sections 181(1) and 182(1) of that Act
</ins>
to be incurred by the giving of a consideration consisting in a capital sum of that amount.
</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-5-3">
<num>3</num>
<intro>
<p>
In sub-paragraph (1)(c) “
<term refersTo="#term-the-relevant-order-or-scheme">the relevant order or scheme</term>
” means—
</p>
</intro>
<paragraph eId="schedule-26-paragraph-5-3-a">
<num>a</num>
<content>
<p>in the case of a transfer by virtue of section 215, an order made by the Secretary of State by statutory instrument, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-5-3-b">
<num>b</num>
<content>
<p>in the case of a transfer by virtue of a scheme under paragraph 1 of Schedule 15 or paragraph 31 of Schedule 17, the scheme concerned.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-5-4">
<num>4</num>
<intro>
<p>A provision mentioned in sub-paragraph (1)(c) for the determination of an amount may include provision—</p>
</intro>
<paragraph eId="schedule-26-paragraph-5-4-a">
<num>a</num>
<content>
<p>for a determination to be made by the Secretary of State in a manner described in the order or scheme,</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-5-4-b">
<num>b</num>
<content>
<p>for a determination to be made by reference to factors so described or to the opinion of a person so described, and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-5-4-c">
<num>c</num>
<content>
<p>for a determination to be capable of being modified (on one or more occasions) in a manner and in circumstances so described.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-5-5">
<num>5</num>
<content>
<p>The Treasury’s consent is required for the making or modification of a determination under a provision mentioned in sub-paragraph (1)(c).</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-5-6">
<num>6</num>
<content>
<p>The transferee’s consent is also required for such a modification after the relevant transfer takes effect.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-5-7">
<num>7</num>
<intro>
<p>If there is a determination or a modification of a determination under a provision mentioned in sub-paragraph (1)(c) all necessary adjustments—</p>
</intro>
<paragraph eId="schedule-26-paragraph-5-7-a">
<num>a</num>
<content>
<p>must be made by making assessments or by repayment or discharge of tax, and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-5-7-b">
<num>b</num>
<content>
<p>must be made despite any limitation on the time within which assessments may be made.</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-II-crossheading-capital-allowances-for-plant-and-machinery-connected-persons" period="#period2">
<heading> Capital allowances for plant and machinery: connected persons</heading>
<paragraph eId="schedule-26-paragraph-6" period="#period4">
<num>6</num>
<content>
<p>
For the purposes of
<ins class="d29p48401 first last">
<noteRef href="#c14890041" marker="F9" class="commentary attribute F"/>
Part 2 of the Capital Allowances Act
</ins>
references in that Part to a transaction (however described) between connected persons within the meaning of section 839 of the 1988 Act are not to include references to a relevant transfer.
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-II-crossheading-loan-relationships" period="#period7">
<heading> Loan relationships</heading>
<paragraph eId="schedule-26-paragraph-7" period="#period7">
<num>7</num>
<subparagraph eId="schedule-26-paragraph-7-1">
<num>1</num>
<content>
<p>Sub-paragraph (2) applies if as a result of a relevant transfer the transferee replaces, or (if the transferor had been a company) would have replaced, the transferor as a party to a loan relationship.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-7-2">
<num>2</num>
<intro>
<p>
<ins class="substitution key-2a18527f466ced309096d8fd1b003923-1547482161368 first last">
<noteRef href="#key-2a18527f466ced309096d8fd1b003923" marker="F51" class="commentary attribute F"/>
Part 5 of the Corporation Tax Act 2009
</ins>
is to have effect in relation to the time when the relevant transfer takes effect and any later time as if—
</p>
</intro>
<paragraph eId="schedule-26-paragraph-7-2-a">
<num>a</num>
<content>
<p>the transferee had been a party to the loan relationship at the time the transferor became, or (if the transferor had been a company) would have become, a party to the loan relationship and at all times since that time, and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-7-2-b">
<num>b</num>
<content>
<p>the loan relationship to which the transferee is a party after the time the transfer takes effect is the same loan relationship as that to which, by virtue of paragraph (a), it is treated as having been a party before that time.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-7-3">
<num>3</num>
<content>
<p>
For the purposes of sub-paragraph (2) the transferor (and accordingly the transferee) is to be taken to have accounted for the loan relationship in accordance with
<ins class="substitution key-86da8489c6f97f5cd383e8190e4cb1b3-1507723330566 first last">
<noteRef href="#key-86da8489c6f97f5cd383e8190e4cb1b3" marker="F48" class="commentary attribute F"/>
a basis of accounting
</ins>
corresponding to that in accordance with which the transferee accounts for the loan relationship in the accounting period in which the transfer takes effect.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-7-4">
<num>4</num>
<content>
<p>
Expressions used in this paragraph and in
<ins class="substitution key-eaf0bbc65900f811458e69003a049773-1547482587016 first last">
<noteRef href="#key-eaf0bbc65900f811458e69003a049773" marker="F52" class="commentary attribute F"/>
Part 5 of the Corporation Tax Act 2009
</ins>
have the same meanings in this paragraph as in
<ins class="substitution key-eaf0bbc65900f811458e69003a049773-1547482617172 first last">
<noteRef href="#key-eaf0bbc65900f811458e69003a049773" marker="F52" class="commentary attribute F"/>
that Part
</ins>
.
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
</part>
<part eId="schedule-26-part-III" period="#period10">
<num>Part III</num>
<heading>
Transfers from BR to
<abbr class="Acronym" title="Strategic Rail Authority">SRA</abbr>
</heading>
<hcontainer name="crossheading" eId="schedule-26-part-III-crossheading-interpretation" period="#period1">
<heading> Interpretation</heading>
<paragraph eId="schedule-26-paragraph-8" period="#period1">
<num>8</num>
<content>
<p>In this Part of this Schedule—</p>
<blockList class="unordered">
<item>
<p>
<term refersTo="#term-relevant-transfer">relevant transfer</term>
” means a transfer of property, rights or liabilities by virtue of—
</p>
<blockList class="ordered">
<item>
<num>a</num>
<p>paragraph 11 of Schedule 18, or</p>
</item>
<item>
<num>b</num>
<p>a scheme under paragraph 1 of Schedule 19,</p>
</item>
</blockList>
</item>
<item>
<p>
<term refersTo="#term-transferee">transferee</term>
”, in relation to a relevant transfer, means the Authority, and
</p>
</item>
<item>
<p>
<term refersTo="#term-transferor">transferor</term>
”, in relation to a relevant transfer, means the Board.
</p>
</item>
</blockList>
</content>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-III-crossheading-chargeable-gains-general" period="#period1">
<heading> Chargeable gains: general</heading>
<paragraph eId="schedule-26-paragraph-9" period="#period1">
<num>9</num>
<intro>
<p>For the purposes of the 1992 Act a disposal—</p>
</intro>
<paragraph eId="schedule-26-paragraph-9-a">
<num>a</num>
<content>
<p>constituted by a relevant transfer, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-9-b">
<num>b</num>
<content>
<p>by virtue of provision made under paragraph 4 of Schedule 19,</p>
</content>
</paragraph>
<wrapUp>
<p>is to be taken (in relation to the person to whom the disposal is made as well as the person making the disposal) to be for a consideration such that no gain or loss accrues to the person making the disposal.</p>
</wrapUp>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-III-crossheading-chargeable-gains-restriction-of-losses" period="#period1">
<heading> Chargeable gains: restriction of losses</heading>
<paragraph eId="schedule-26-paragraph-10" period="#period1">
<num>10</num>
<subparagraph eId="schedule-26-paragraph-10-1">
<num>1</num>
<intro>
<p>If there has been a disposal of an asset—</p>
</intro>
<paragraph eId="schedule-26-paragraph-10-1-a">
<num>a</num>
<content>
<p>constituted by a relevant transfer, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-10-1-b">
<num>b</num>
<content>
<p>by virtue of provision made under paragraph 4 of Schedule 19,</p>
</content>
</paragraph>
<wrapUp>
<p>subsection (8) of section 41 of the 1992 Act (which applies that section to cases where assets have been acquired without gain or loss) is to have effect as if the asset had been disposed of and acquired in circumstances mentioned in that subsection.</p>
</wrapUp>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-10-2">
<num>2</num>
<content>
<p>This paragraph is not to prejudice paragraph 9.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-III-crossheading-chargeable-gains-groups" period="#period1">
<heading> Chargeable gains: groups</heading>
<paragraph eId="schedule-26-paragraph-11" period="#period1">
<num>11</num>
<subparagraph eId="schedule-26-paragraph-11-1">
<num>1</num>
<intro>
<p>Sub-paragraph (2) applies if a company (“the degrouped company”)—</p>
</intro>
<paragraph eId="schedule-26-paragraph-11-1-a">
<num>a</num>
<content>
<p>acquired an asset from another company at any time when both were members of the same group of companies (“the old group”), and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-11-1-b">
<num>b</num>
<content>
<p>ceases by virtue of a relevant transfer to be a member of the old group.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-11-2">
<num>2</num>
<content>
<p>Section 179 of the 1992 Act (company ceasing to be member of group) is not to treat the degrouped company as having by virtue of the transfer sold and immediately reacquired the asset.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-11-3">
<num>3</num>
<content>
<p>If sub-paragraph (2) applies to an asset, that section is to have effect on and after the first subsequent occasion on which the degrouped company ceases to be a member of a group of companies (“the new group”), otherwise than by virtue of a qualifying transfer, as if the degrouped company and the company from which it acquired the asset had been members of the new group at the time of acquisition.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-11-4">
<num>4</num>
<content>
<p>If, disregarding any preparatory transactions, a company would be regarded for the purposes of section 179 of the 1992 Act (and, accordingly, of this paragraph) as ceasing to be a member of a group of companies by virtue of a qualifying transfer, it is to be regarded for those purposes as so doing by virtue of the qualifying transfer and not by virtue of any preparatory transactions.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-11-5">
<num>5</num>
<content>
<p>
In this paragraph “
<term refersTo="#term-preparatory-transaction">preparatory transaction</term>
” means anything done under or by virtue of this Part of this Act for the purpose of initiating, advancing or facilitating the qualifying transfer in question.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-11-6">
<num>6</num>
<content>
<p>Expressions used in this paragraph and in section 179 of the 1992 Act have the same meanings in this paragraph as in that section.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-III-crossheading-chargeable-gains-disposal-of-debts" period="#period1">
<heading> Chargeable gains: disposal of debts</heading>
<paragraph eId="schedule-26-paragraph-12" period="#period1">
<num>12</num>
<subparagraph eId="schedule-26-paragraph-12-1">
<num>1</num>
<intro>
<p>Sub-paragraph (2) applies if in the case of a relevant transfer—</p>
</intro>
<paragraph eId="schedule-26-paragraph-12-1-a">
<num>a</num>
<content>
<p>a debt owed to the transferor is transferred to the transferee, and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-12-1-b">
<num>b</num>
<content>
<p>the transferor would, apart from this paragraph, be the original creditor in relation to that debt for the purposes of section 251 of the 1992 Act (disposal of debts).</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-12-2">
<num>2</num>
<content>
<p>The 1992 Act is to have effect as if the transferee (and not the transferor) were the original creditor for those purposes.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-III-crossheading-continuity-in-relation-to-capital-allowances-etc-where-trade-transferred" period="#period7">
<heading>
Continuity in relation to capital allowances
<abbr title="et cetera" xml:lang="la">etc.</abbr>
where trade transferred
</heading>
<paragraph eId="schedule-26-paragraph-13" period="#period7">
<num>13</num>
<subparagraph eId="schedule-26-paragraph-13-1">
<num>
<ins class="substitution key-3d18a24f912835083c6870132b8109cd-1547483345184 first">
<noteRef href="#key-3d18a24f912835083c6870132b8109cd" marker="F53" class="commentary attribute F"/>
1
</ins>
</num>
<intro>
<p>
<ins class="substitution key-3d18a24f912835083c6870132b8109cd-1547483345184">Sub-paragraphs (2) to (4) apply if—</ins>
</p>
</intro>
<paragraph eId="schedule-26-paragraph-13-1-a">
<num>
<ins class="substitution key-3d18a24f912835083c6870132b8109cd-1547483345184">a</ins>
</num>
<content>
<p>
<ins class="substitution key-3d18a24f912835083c6870132b8109cd-1547483345184">the transferor ceased to carry on a trade by virtue of a relevant transfer taking effect, and</ins>
</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-13-1-b">
<num>
<ins class="substitution key-3d18a24f912835083c6870132b8109cd-1547483345184">b</ins>
</num>
<content>
<p>
<ins class="substitution key-3d18a24f912835083c6870132b8109cd-1547483345184">on the taking effect of that transfer, the transferee began to carry on the trade.</ins>
</p>
</content>
</paragraph>
<wrapUp>
<p>
<ins class="substitution key-3d18a24f912835083c6870132b8109cd-1547483345184 last">This sub-paragraph is to be read with sub-paragraph (8).</ins>
</p>
</wrapUp>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-13-2">
<num>2</num>
<intro>
<p>Subject to sub-paragraphs (3) and (4), in a case falling within sub-paragraph (1)—</p>
</intro>
<paragraph eId="schedule-26-paragraph-13-2-a">
<num>a</num>
<content>
<p>
there are to be made to or on the transferee in accordance with
<ins class="d29p48698 first last">
<noteRef href="#c14890061" marker="F10" class="commentary attribute F"/>
the Capital Allowances Act
</ins>
all such allowances and charges as would, if the transferor had continued to carry on the trade, have fallen to be made to or on the transferor, and
</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-13-2-b">
<num>b</num>
<intro>
<p>the amount of any such allowance or charge is to be computed as if—</p>
</intro>
<subparagraph eId="schedule-26-paragraph-13-2-b-i">
<num>i</num>
<content>
<p>the transferee had been carrying on the trade since the transferor began to do so, and</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-13-2-b-ii">
<num>ii</num>
<content>
<p>everything done to or by the transferor had been done to or by the transferee (but so that the relevant transfer itself, so far as it relates to any assets in use for the purpose of the trade, shall not be treated as giving rise to any such allowance or charge).</p>
</content>
</subparagraph>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-13-3">
<num>3</num>
<content>
<p>For the purposes of the Corporation Tax Acts, only such amounts (if any) as may be specified in or determined in accordance with an order made by the Secretary of State by statutory instrument are to be allocated to the transferee in respect of expenditure by reference to which capital allowances may be made by virtue of sub-paragraph (2) in relation to anything to which the transfer relates.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-13-4">
<num>4</num>
<content>
<p>Sub-paragraph (2) is to affect the amounts falling to be taken into account in relation to the transferor as expenditure by reference to which capital allowances may be made only so far as necessary to give effect to a reduction of any such amount by a sum equal to so much of that amount as is allocated to the transferee as mentioned in sub-paragraph (3).</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-13-5">
<num>5</num>
<intro>
<p>An order under sub-paragraph (3) may include provision—</p>
</intro>
<paragraph eId="schedule-26-paragraph-13-5-a">
<num>a</num>
<content>
<p>for a determination to be made by the Secretary of State in a manner described in the order,</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-13-5-b">
<num>b</num>
<content>
<p>for a determination to be made by reference to factors so described or to the opinion of a person so described, and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-13-5-c">
<num>c</num>
<content>
<p>for a determination to be capable of being modified (on one or more occasions) in a manner and in circumstances so described.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-13-6">
<num>6</num>
<content>
<p>The Treasury’s consent is required for the making or modification of a determination of any such amount as is mentioned in sub-paragraph (3).</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-13-7">
<num>7</num>
<content>
<p>The transferee’s consent is also required for such a modification after the relevant transfer takes effect.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-13-8">
<num>8</num>
<intro>
<p>In determining whether sub-paragraph (1) has effect in relation to a relevant transfer in a case where—</p>
</intro>
<paragraph eId="schedule-26-paragraph-13-8-a">
<num>a</num>
<content>
<p>the transferor continues to carry on any trade or part of a trade after the transfer takes effect, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-13-8-b">
<num>b</num>
<content>
<p>the transferee was carrying on any trade before the transfer takes effect,</p>
</content>
</paragraph>
<wrapUp>
<p>the trade or part of a trade which is continued, or was being carried on, shall for the purposes of that sub-paragraph be treated in relation to any trade or part of a trade which is transferred by virtue of the transfer as a separate trade and shall accordingly be disregarded.</p>
</wrapUp>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-13-9">
<num>9</num>
<intro>
<p>If there is a determination or a modification of a determination for any purposes of this paragraph, all necessary adjustments—</p>
</intro>
<paragraph eId="schedule-26-paragraph-13-9-a">
<num>a</num>
<content>
<p>must be made by making assessments or by repayment or discharge of tax, and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-13-9-b">
<num>b</num>
<content>
<p>must be made despite any limitation on the time within which assessments may be made.</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-III-crossheading-capital-allowances-for-plant-and-machinery" period="#period1">
<heading> Capital allowances for plant and machinery</heading>
<paragraph eId="schedule-26-paragraph-14" period="#period3">
<num>14</num>
<subparagraph eId="schedule-26-paragraph-14-1">
<num>1</num>
<intro>
<p>This paragraph applies in relation to property if—</p>
</intro>
<paragraph eId="schedule-26-paragraph-14-1-a">
<num>a</num>
<content>
<p>the property is plant or machinery to which a relevant transfer relates,</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-14-1-b">
<num>b</num>
<content>
<p>paragraph 13 does not apply in relation to the transfer of the property to the transferee,</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-14-1-c">
<num>c</num>
<content>
<p>
the property would be treated for the purposes of
<ins class="d29p48839 first last">
<noteRef href="#c14890081" marker="F11" class="commentary attribute F"/>
the Capital Allowances Act
</ins>
as disposed of by the transferor to the transferee on the transfer taking effect, and
</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-14-1-d">
<num>d</num>
<content>
<p>
the scheme concerned contains provision for the disposal value of the property to be taken for the purposes of
<ins class="d29p48849 first last">
<noteRef href="#c14890091" marker="F12" class="commentary attribute F"/>
that Act
</ins>
to be of an amount specified in or determined in accordance with the scheme.
</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-14-2">
<num>2</num>
<intro>
<p>
For the purposes of
<ins class="d29p48859 first last">
<noteRef href="#c14890101" marker="F13" class="commentary attribute F"/>
the Capital Allowances Act
</ins>
</p>
</intro>
<paragraph eId="schedule-26-paragraph-14-2-a">
<num>a</num>
<content>
<p>
the provision mentioned in sub-paragraph (1)(d) is to have effect (instead of
<ins class="d29p48869 first last">
<noteRef href="#c14890111" marker="F14" class="commentary attribute F"/>
section 61(2) to (4), 72(3) to (5), 171, 196 or 423 of that Act
</ins>
) for determining an amount as the disposal value of the property or the price at which a fixture is to be treated as sold,
</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-14-2-b">
<num>b</num>
<content>
<p>the transferee is to be taken to have incurred capital expenditure of that amount on the provision of the property for the purposes for which it is used by the transferee on and after the taking effect of the transfer,</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-14-2-c">
<num>c</num>
<content>
<p>the property is to be taken as belonging to the transferee in consequence of the transferee having incurred that expenditure, and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-14-2-d">
<num>d</num>
<content>
<p>
in the case of a fixture, the expenditure which falls to be treated as incurred by the transferee is to be taken for the purposes of
<ins class="d29p48891 first last">
<noteRef href="#c14890121" marker="F15" class="commentary attribute F"/>
sections 181(1) and 182(1) of that Act
</ins>
to be incurred by the giving of a consideration consisting in a capital sum of that amount.
</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-14-3">
<num>3</num>
<intro>
<p>A provision mentioned in sub-paragraph (1)(d) for the determination of an amount may include provision—</p>
</intro>
<paragraph eId="schedule-26-paragraph-14-3-a">
<num>a</num>
<content>
<p>for a determination to be made by the Secretary of State in a manner described in the scheme,</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-14-3-b">
<num>b</num>
<content>
<p>for a determination to be made by reference to factors so described or to the opinion of a person so described, and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-14-3-c">
<num>c</num>
<content>
<p>for a determination to be capable of being modified (on one or more occasions) in a manner and in circumstances so described.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-14-4">
<num>4</num>
<content>
<p>The Treasury’s consent is required for the making or modification of a determination under a provision mentioned in sub-paragraph (1)(d).</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-14-5">
<num>5</num>
<content>
<p>The transferee’s consent is also required for such a modification after the relevant transfer takes effect.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-14-6">
<num>6</num>
<intro>
<p>If there is a determination or a modification of a determination under a provision mentioned in sub-paragraph (1)(d) all necessary adjustments—</p>
</intro>
<paragraph eId="schedule-26-paragraph-14-6-a">
<num>a</num>
<content>
<p>must be made by making assessments or by repayment or discharge of tax, and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-14-6-b">
<num>b</num>
<content>
<p>must be made despite any limitation on the time within which assessments may be made.</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-III-crossheading-capital-allowances-for-plant-and-machinery-connected-persons" period="#period2">
<heading> Capital allowances for plant and machinery: connected persons</heading>
<paragraph eId="schedule-26-paragraph-15" period="#period4">
<num>15</num>
<content>
<p>
For the purposes of
<ins class="d29p48960 first last">
<noteRef href="#c14890131" marker="F16" class="commentary attribute F"/>
Part 2 of the Capital Allowances Act
</ins>
references in that Part to a transaction (however described) between connected persons within the meaning of section 839 of the 1988 Act are not to include references to a relevant transfer.
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-III-crossheading-leased-assets" period="#period1">
<heading> Leased assets</heading>
<paragraph eId="schedule-26-paragraph-16" period="#period1">
<num>16</num>
<subparagraph eId="schedule-26-paragraph-16-1">
<num>1</num>
<content>
<p>Sub-paragraphs (2) and (3) apply for the purposes of section 781 of the 1988 Act (assets leased to traders and others) if the interest of the lessor or the lessee under a lease, or any other interest in an asset, is transferred to a person under a relevant transfer.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-16-2">
<num>2</num>
<content>
<p>The transfer is to be treated as made without any capital sum having been obtained in respect of the interest by the transferor; and this is so despite section 783(4) of that Act.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-16-3">
<num>3</num>
<content>
<p>If the interest is an interest under a lease, payments made by the transferor under the lease before the transfer takes effect are to be treated as if they had been made under that lease by the transferee.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-16-4">
<num>4</num>
<content>
<p>Sub-paragraph (5) applies for the purposes of section 781 of the 1988 Act if a lease, or any other interest in an asset, is granted by virtue of provision made under paragraph 4 of Schedule 19.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-16-5">
<num>5</num>
<content>
<p>The grant is to be treated as made without any capital sum having been obtained in respect of the lease, or interest, by the grantor; and this is so despite section 783(4) of that Act.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-16-6">
<num>6</num>
<content>
<p>No charge is to arise under section 781(1) of the 1988 Act by virtue of section 783(2) of that Act in a case where the capital sum mentioned in section 781(1)(b)(i) or (ii) of that Act is or forms part of the consideration obtained (or treated by section 783(4) of that Act as obtained) by the transferor on a disposal by virtue of a relevant transfer of securities of a subsidiary of the transferor.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-16-7">
<num>7</num>
<content>
<p>Expressions used in this paragraph and in sections 781 to 785 of the 1988 Act have the same meanings in this paragraph as in those sections.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-III-crossheading-loan-relationships" period="#period7">
<heading> Loan relationships</heading>
<paragraph eId="schedule-26-paragraph-17" period="#period7">
<num>17</num>
<subparagraph eId="schedule-26-paragraph-17-1">
<num>1</num>
<content>
<p>Sub-paragraph (2) applies if, as a result of a relevant transfer, the transferee replaces the transferor as a party to a loan relationship.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-17-2">
<num>2</num>
<intro>
<p>
<ins class="substitution key-08160c53e4f3a5485581ec40578566f4-1547484440435 first last">
<noteRef href="#key-08160c53e4f3a5485581ec40578566f4" marker="F54" class="commentary attribute F"/>
Part 5 of the Corporation Tax Act 2009
</ins>
is to have effect in relation to the time when the relevant transfer takes effect and any later time as if—
</p>
</intro>
<paragraph eId="schedule-26-paragraph-17-2-a">
<num>a</num>
<content>
<p>the transferee had been a party to the loan relationship at the time the transferor became a party to the loan relationship and at all times since that time, and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-17-2-b">
<num>b</num>
<content>
<p>the loan relationship to which the transferee is a party after the time the transfer takes effect is the same loan relationship as that to which, by virtue of paragraph (a), it is treated as having been a party before that time.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-17-3">
<num>3</num>
<content>
<p>
Expressions used in this paragraph and in
<ins class="substitution key-4dbbf59eb01114c41988ebe79d5c1444-1547485374552 first last">
<noteRef href="#key-4dbbf59eb01114c41988ebe79d5c1444" marker="F55" class="commentary attribute F"/>
Part 5 of the Corporation Tax Act 2009
</ins>
have the same meanings in this paragraph as in
<ins class="substitution key-4dbbf59eb01114c41988ebe79d5c1444-1547485404586 first last">
<noteRef href="#key-4dbbf59eb01114c41988ebe79d5c1444" marker="F55" class="commentary attribute F"/>
that Part
</ins>
.
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-III-crossheading-charge-to-tax-under-case-i-of-schedule-d" period="#period1">
<heading> Charge to tax under Case I of Schedule D</heading>
<paragraph eId="schedule-26-paragraph-18" period="#period1">
<num>18</num>
<subparagraph eId="schedule-26-paragraph-18-1">
<num>1</num>
<content>
<p>This paragraph applies for the purpose of computing the profits or losses of the transferor and the transferee under Case I of Schedule D in respect of any trade or part of a trade transferred by a relevant transfer in relation to the time when the transfer takes effect and any later time.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-18-2">
<num>2</num>
<content>
<p>The trade or part of a trade transferred is to be treated as having been, at the time of its commencement and at all times since that time, a separate trade carried on by the transferee.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-18-3">
<num>3</num>
<content>
<p>The trade carried on by the transferee after the time the transfer takes effect is to be treated as the same trade as that which, by virtue of sub-paragraph (2), it is treated as having carried on before that time.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-18-4">
<num>4</num>
<content>
<p>This paragraph is subject to paragraphs 13 and 17.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
</part>
<part eId="schedule-26-part-IV" period="#period1">
<num>Part IV</num>
<heading>
Transfers to Secretary of State from
<abbr class="Acronym" title="Strategic Rail Authority">SRA</abbr>
and BR
</heading>
<hcontainer name="crossheading" eId="schedule-26-part-IV-crossheading-interpretation" period="#period1">
<heading> Interpretation</heading>
<paragraph eId="schedule-26-paragraph-19" period="#period1">
<num>19</num>
<content>
<p>In this Part of this Schedule—</p>
<blockList class="unordered">
<item>
<p>
<term refersTo="#term-relevant-transfer">relevant transfer</term>
” means a transfer of property, rights or liabilities by virtue of—
</p>
<blockList class="ordered">
<item>
<num>a</num>
<p>a scheme under paragraph 1 of Schedule 21 under which the property, rights or liabilities are transferred to the Secretary of State, or</p>
</item>
<item>
<num>b</num>
<p>a scheme under paragraph 1 of Schedule 25,</p>
</item>
</blockList>
</item>
<item>
<p>
<term refersTo="#term-transferee">transferee</term>
”, in relation to a relevant transfer, means the Secretary of State, and
</p>
</item>
<item>
<p>
<term refersTo="#term-transferor">transferor</term>
”, in relation to a relevant transfer, means the person from whom the property, rights or liabilities are transferred.
</p>
</item>
</blockList>
</content>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-IV-crossheading-chargeable-gains-groups" period="#period1">
<heading> Chargeable gains: groups</heading>
<paragraph eId="schedule-26-paragraph-20" period="#period1">
<num>20</num>
<subparagraph eId="schedule-26-paragraph-20-1">
<num>1</num>
<intro>
<p>Sub-paragraph (2) applies if a company (“the degrouped company”)—</p>
</intro>
<paragraph eId="schedule-26-paragraph-20-1-a">
<num>a</num>
<content>
<p>acquired an asset from another company at any time when both were members of the same group of companies (“the old group”), and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-20-1-b">
<num>b</num>
<content>
<p>ceases by virtue of a relevant transfer to be a member of the old group.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-20-2">
<num>2</num>
<content>
<p>Section 179 of the 1992 Act (company ceasing to be member of group) is not to treat the degrouped company as having by virtue of the transfer sold and immediately reacquired the asset.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-20-3">
<num>3</num>
<content>
<p>If, disregarding any preparatory transactions, a company would be regarded for the purposes of section 179 of the 1992 Act (and, accordingly, of this paragraph) as ceasing to be a member of a group of companies by virtue of a relevant transfer, it is to be regarded for those purposes as so doing by virtue of the relevant transfer and not by virtue of any preparatory transactions.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-20-4">
<num>4</num>
<content>
<p>
In this paragraph “
<term refersTo="#term-preparatory-transaction">preparatory transaction</term>
” means anything done under or by virtue of this Part of this Act for the purpose of initiating, advancing or facilitating the relevant transfer in question.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-20-5">
<num>5</num>
<content>
<p>Expressions used in this paragraph and in section 179 of the 1992 Act have the same meanings in this paragraph as in that section.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-IV-crossheading-capital-allowances-actual-consideration-to-be-the-disposal-value" period="#period1">
<heading> Capital allowances: actual consideration to be the disposal value</heading>
<paragraph eId="schedule-26-paragraph-21" period="#period3">
<num>21</num>
<subparagraph eId="schedule-26-paragraph-21-1">
<num>1</num>
<intro>
<p>
Sub-paragraphs (2) to (4) apply for the purposes of
<ins class="d29p49207 first last">
<noteRef href="#c14890151" marker="F17" class="commentary attribute F"/>
Part 3 of the Capital Allowances Act
</ins>
, and the other provisions of that Act which are relevant to that Part, if there is a disposal by virtue of a relevant transfer of the relevant interest in—
</p>
</intro>
<paragraph eId="schedule-26-paragraph-21-1-a">
<num>a</num>
<content>
<p>an industrial building or structure, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-21-1-b">
<num>b</num>
<content>
<p>a qualifying hotel or a commercial building or structure.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-21-2">
<num>2</num>
<content>
<p>The disposal is to be treated as a sale of that relevant interest.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-21-3">
<num>3</num>
<intro>
<p>The sale moneys in respect of that sale are to be taken—</p>
</intro>
<paragraph eId="schedule-26-paragraph-21-3-a">
<num>a</num>
<content>
<p>if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that capital sum, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-21-3-b">
<num>b</num>
<content>
<p>if no such capital sum is received, to be nil.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-21-4">
<num>4</num>
<content>
<p>
<ins class="d29p49252 first last">
<noteRef href="#c14890161" marker="F18" class="commentary attribute F"/>
Sections 567 to 570 of that Act (sales treated as being for alternative amount)
</ins>
(sales between connected persons or without change of control) are not to have effect in relation to that sale.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-21-5">
<num>5</num>
<content>
<p>
Sub-paragraph (6) applies for determining, in the case of
<ins class="d29p49262 first last">
<noteRef href="#c14890171" marker="F19" class="commentary attribute F"/>
plant or machinery
</ins>
which is treated for the purposes of
<ins class="d29p49266 first last">
<noteRef href="#c14890181" marker="F20" class="commentary attribute F"/>
the Capital Allowances Act
</ins>
as disposed of by virtue of a relevant transfer, the amount which (in consequence of that disposal) is to be brought into account as the disposal value of that
<ins class="d29p49270 first last">
<noteRef href="#c14890171" marker="F19" class="commentary attribute F"/>
plant or machinery
</ins>
for the purposes of
<ins class="d29p49274 first last">
<noteRef href="#c14890201" marker="F21" class="commentary attribute F"/>
section 60 of that Act (meaning of “disposal value” and “disposal event”)
</ins>
(balancing adjustments).
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-21-6">
<num>6</num>
<intro>
<p>
The amount is, subject to
<ins class="d29p49284 first last">
<noteRef href="#c14890211" marker="F22" class="commentary attribute F"/>
section 62 of that Act (general limit on amount of disposal value)
</ins>
to be taken—
</p>
</intro>
<paragraph eId="schedule-26-paragraph-21-6-a">
<num>a</num>
<content>
<p>if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that capital sum, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-21-6-b">
<num>b</num>
<content>
<p>if no such capital sum is received, to be nil.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-21-7">
<num>7</num>
<content>
<p>
Sub-paragraph (8) applies if, in consequence of a disposal by virtue of a relevant transfer,
<ins class="d29p49306 first last">
<noteRef href="#c14890221" marker="F23" class="commentary attribute F"/>
a person is treated by section 188 of the Capital Allowances Act as ceasing to own a fixture
</ins>
at any time.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-21-8">
<num>8</num>
<intro>
<p>
The amount which, in consequence of that disposal, is to be brought into account as the disposal value of the fixture for the purposes of
<ins class="d29p49316 first last">
<noteRef href="#c14890231" marker="F24" class="commentary attribute F"/>
section 60 of the Capital Allowances Act is, subject to section 62 of that Act
</ins>
, to be taken—
</p>
</intro>
<paragraph eId="schedule-26-paragraph-21-8-a">
<num>a</num>
<content>
<p>
if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that portion of that capital sum which falls (or, if the person to whom the disposal is made were entitled to an allowance, would fall) to be treated for the purposes of
<ins class="d29p49326 first last">
<noteRef href="#c14890241" marker="F25" class="commentary attribute F"/>
Part 2 of that Act
</ins>
as expenditure incurred by that person on the provision of the fixture, or
</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-21-8-b">
<num>b</num>
<content>
<p>if no such capital sum is received, to be nil.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-21-9">
<num>9</num>
<content>
<p>
Sub-paragraphs (3), (6) and (8) have effect despite any other provision of
<ins class="d29p49342 first last">
<noteRef href="#c14890251" marker="F26" class="commentary attribute F"/>
the Capital Allowances Act
</ins>
.
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-IV-crossheading-leased-assets" period="#period1">
<heading> Leased assets</heading>
<paragraph eId="schedule-26-paragraph-22" period="#period1">
<num>22</num>
<subparagraph eId="schedule-26-paragraph-22-1">
<num>1</num>
<content>
<p>Sub-paragraphs (2) and (3) apply for the purposes of section 781 of the 1988 Act (assets leased to traders and others) if the interest of the lessor or the lessee under a lease, or any other interest in an asset, is transferred to a person under a relevant transfer.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-22-2">
<num>2</num>
<content>
<p>The transfer is to be treated as made without any capital sum having been obtained in respect of the interest by the transferor; and this is so despite section 783(4) of that Act.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-22-3">
<num>3</num>
<content>
<p>If the interest is an interest under a lease, payments made by the transferor under the lease before the transfer takes effect are to be treated as if they had been made under that lease by the transferee.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-22-4">
<num>4</num>
<content>
<p>Sub-paragraph (5) applies for the purposes of section 781 of the 1988 Act if a lease, or any other interest in an asset, is granted by the transferor by virtue of provision made under paragraph 5 of Schedule 21 or paragraph 4 of Schedule 25.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-22-5">
<num>5</num>
<content>
<p>The grant is to be treated as made without any capital sum having been obtained in respect of the lease, or interest, by the transferor; and this is so despite section 783(4) of that Act.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-22-6">
<num>6</num>
<content>
<p>No charge is to arise under section 781(1) of the 1988 Act by virtue of section 783(2) of that Act in a case where the capital sum mentioned in section 781(1)(b)(i) or (ii) of that Act is or forms part of the consideration obtained (or treated by section 783(4) of that Act as obtained) by the transferor on a disposal by virtue of a relevant transfer of securities of a subsidiary of the transferor.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-22-7">
<num>7</num>
<content>
<p>Expressions used in this paragraph and in sections 781 to 785 of the 1988 Act have the same meanings in this paragraph as in those sections.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
</part>
<part eId="schedule-26-part-V" period="#period7">
<num>Part V</num>
<heading>
Transfers from
<abbr class="Acronym" title="Strategic Rail Authority">SRA</abbr>
to franchise company
</heading>
<hcontainer name="crossheading" eId="schedule-26-part-V-crossheading-interpretation" period="#period1">
<heading> Interpretation</heading>
<paragraph eId="schedule-26-paragraph-23" period="#period1">
<num>23</num>
<content>
<p>In this Part of this Schedule—</p>
<blockList class="unordered">
<item>
<p>
<term refersTo="#term-relevant-transfer">relevant transfer</term>
” means a transfer of property, rights or liabilities by virtue of a scheme under paragraph 1 of Schedule 21 under which the property, rights or liabilities are transferred to a franchise company,
</p>
</item>
<item>
<p>
<term refersTo="#term-transferee">transferee</term>
”, in relation to a relevant transfer, means the franchise company to whom the property, rights or liabilities are transferred, and
</p>
</item>
<item>
<p>
<term refersTo="#term-transferor">transferor</term>
”, in relation to a relevant transfer, means the person from whom the property, rights or liabilities are transferred.
</p>
</item>
</blockList>
</content>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-V-crossheading-chargeable-gains-disposals-not-to-be-treated-as-made-at-market-value" period="#period1">
<heading> Chargeable gains: disposals not to be treated as made at market value</heading>
<paragraph eId="schedule-26-paragraph-24" period="#period1">
<num>24</num>
<subparagraph eId="schedule-26-paragraph-24-1">
<num>1</num>
<intro>
<p>Section 17 of the 1992 Act (disposals and acquisitions treated as made at market value) is not to have effect in relation to—</p>
</intro>
<paragraph eId="schedule-26-paragraph-24-1-a">
<num>a</num>
<content>
<p>a disposal constituted by a relevant transfer or a disposal by virtue of provision made under paragraph 5 of Schedule 21, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-24-1-b">
<num>b</num>
<content>
<p>the acquisition made by the person to whom the disposal is made.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-24-2">
<num>2</num>
<intro>
<p>But sub-paragraph (1) does not apply—</p>
</intro>
<paragraph eId="schedule-26-paragraph-24-2-a">
<num>a</num>
<content>
<p>if the person making the disposal is connected with the person making the acquisition, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-24-2-b">
<num>b</num>
<content>
<p>in the case of a disposal by virtue of provision made under paragraph 5 of Schedule 21, if the disposal is made by or to a person other than the transferor or the transferee.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-24-3">
<num>3</num>
<intro>
<p>If sub-paragraph (1) applies to the disposal of an asset, the disposal is to be taken (in relation to the person making the acquisition as well as the person making the disposal) to be—</p>
</intro>
<paragraph eId="schedule-26-paragraph-24-3-a">
<num>a</num>
<content>
<p>in a case where consideration in money or money’s worth is given by the person making the acquisition or on his behalf in respect of the vesting of the asset in him, for a consideration equal to the amount or value of that consideration, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-24-3-b">
<num>b</num>
<content>
<p>in a case where no such consideration is given, for a consideration of nil.</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-V-crossheading-chargeable-gains-groups" period="#period1">
<heading> Chargeable gains: groups</heading>
<paragraph eId="schedule-26-paragraph-25" period="#period1">
<num>25</num>
<subparagraph eId="schedule-26-paragraph-25-1">
<num>1</num>
<intro>
<p>Sub-paragraph (2) applies if a company (“the degrouped company”)—</p>
</intro>
<paragraph eId="schedule-26-paragraph-25-1-a">
<num>a</num>
<content>
<p>acquired an asset from another company at any time when both were members of the same group of companies (“the old group”), and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-25-1-b">
<num>b</num>
<content>
<p>ceases by virtue of a relevant transfer to be a member of the old group.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-25-2">
<num>2</num>
<content>
<p>Section 179 of the 1992 Act (company ceasing to be member of group) is not to treat the degrouped company as having by virtue of the transfer sold and immediately reacquired the asset.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-25-3">
<num>3</num>
<content>
<p>If sub-paragraph (2) applies to an asset, that section is to have effect on and after the first subsequent occasion on which the degrouped company ceases to be a member of a group of companies (“the new group”), otherwise than by virtue of a qualifying transfer, as if the degrouped company and the company from which it acquired the asset had been members of the new group at the time of acquisition.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-25-4">
<num>4</num>
<content>
<p>If, disregarding any preparatory transactions, a company would be regarded for the purposes of section 179 of the 1992 Act (and, accordingly, of this paragraph) as ceasing to be a member of a group of companies by virtue of a qualifying transfer, it is to be regarded for those purposes as so doing by virtue of the qualifying transfer and not by virtue of any preparatory transactions.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-25-5">
<num>5</num>
<content>
<p>
In this paragraph “
<term refersTo="#term-preparatory-transaction">preparatory transaction</term>
” means anything done under or by virtue of this Part of this Act for the purpose of initiating, advancing or facilitating the qualifying transfer in question.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-25-6">
<num>6</num>
<content>
<p>Expressions used in this paragraph and in section 179 of the 1992 Act have the same meanings in this paragraph as in that section.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-V-crossheading-chargeable-gains-disposal-of-debts" period="#period1">
<heading> Chargeable gains: disposal of debts</heading>
<paragraph eId="schedule-26-paragraph-26" period="#period1">
<num>26</num>
<subparagraph eId="schedule-26-paragraph-26-1">
<num>1</num>
<intro>
<p>Sub-paragraph (2) applies if in the case of a relevant transfer—</p>
</intro>
<paragraph eId="schedule-26-paragraph-26-1-a">
<num>a</num>
<content>
<p>a debt owed to the transferor is transferred to the transferee, and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-26-1-b">
<num>b</num>
<content>
<p>the transferor would, apart from this paragraph, be the original creditor in relation to that debt for the purposes of section 251 of the 1992 Act (disposal of debts).</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-26-2">
<num>2</num>
<content>
<p>The 1992 Act is to have effect as if the transferee (and not the transferor) were the original creditor for those purposes.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-V-crossheading-capital-allowances-actual-consideration-to-be-the-disposal-value" period="#period1">
<heading> Capital allowances: actual consideration to be the disposal value</heading>
<paragraph eId="schedule-26-paragraph-27" period="#period3">
<num>27</num>
<subparagraph eId="schedule-26-paragraph-27-1">
<num>1</num>
<intro>
<p>
Sub-paragraphs (2) to (4) apply for the purposes of
<ins class="d29p49607 first last">
<noteRef href="#c14890261" marker="F27" class="commentary attribute F"/>
Part 3 of the Capital Allowances Act
</ins>
, and the other provisions of that Act which are relevant to that Part, if there is a disposal by virtue of a relevant transfer of the relevant interest in—
</p>
</intro>
<paragraph eId="schedule-26-paragraph-27-1-a">
<num>a</num>
<content>
<p>an industrial building or structure, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-27-1-b">
<num>b</num>
<content>
<p>a qualifying hotel or a commercial building or structure.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-27-2">
<num>2</num>
<content>
<p>The disposal is to be treated as a sale of that relevant interest.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-27-3">
<num>3</num>
<intro>
<p>The sale moneys in respect of that sale are to be taken—</p>
</intro>
<paragraph eId="schedule-26-paragraph-27-3-a">
<num>a</num>
<content>
<p>if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that capital sum, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-27-3-b">
<num>b</num>
<content>
<p>if no such capital sum is received, to be nil.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-27-4">
<num>4</num>
<content>
<p>
<ins class="d29p49652 first last">
<noteRef href="#c14890271" marker="F28" class="commentary attribute F"/>
Sections 567 to 570 of that Act (sales treated as being for alternative amount)
</ins>
are not to have effect in relation to that sale.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-27-5">
<num>5</num>
<content>
<p>
Sub-paragraph (6) applies for determining, in the case of
<ins class="d29p49662 first last">
<noteRef href="#c14890281" marker="F29" class="commentary attribute F"/>
plant or machinery
</ins>
which is treated for the purposes of
<ins class="d29p49666 first last">
<noteRef href="#c14890291" marker="F30" class="commentary attribute F"/>
the Capital Allowances Act
</ins>
as disposed of by virtue of a relevant transfer, the amount which (in consequence of that disposal) is to be brought into account as the disposal value of that
<ins class="d29p49670 first last">
<noteRef href="#c14890281" marker="F29" class="commentary attribute F"/>
plant or machinery
</ins>
for the purposes of
<ins class="d29p49674 first last">
<noteRef href="#c14890311" marker="F31" class="commentary attribute F"/>
section 60 of that Act (meaning of “disposal value” and “disposal event”)
</ins>
.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-27-6">
<num>6</num>
<intro>
<p>
The amount is, subject to
<ins class="d29p49684 first last">
<noteRef href="#c14890321" marker="F32" class="commentary attribute F"/>
section 62 of that Act (general limit on amount of disposal value)
</ins>
to be taken—
</p>
</intro>
<paragraph eId="schedule-26-paragraph-27-6-a">
<num>a</num>
<content>
<p>if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that capital sum, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-27-6-b">
<num>b</num>
<content>
<p>if no such capital sum is received, to be nil.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-27-7">
<num>7</num>
<content>
<p>
Sub-paragraph (8) applies if, in consequence of a disposal by virtue of a relevant transfer,
<ins class="d29p49706 first last">
<noteRef href="#c14890331" marker="F33" class="commentary attribute F"/>
a person is treated by section 188 of the Capital Allowances Act as ceasing to own a fixture
</ins>
at any time.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-27-8">
<num>8</num>
<intro>
<p>
The amount which, in consequence of that disposal, is to be brought into account as the disposal value of the fixture for the purposes of
<ins class="d29p49716 first last">
<noteRef href="#c14890341" marker="F34" class="commentary attribute F"/>
section 60 of the Capital Allowances Act is, subject to section 62 of that Act
</ins>
, to be taken—
</p>
</intro>
<paragraph eId="schedule-26-paragraph-27-8-a">
<num>a</num>
<content>
<p>
if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that portion of that capital sum which falls (or, if the person to whom the disposal is made were entitled to an allowance, would fall) to be treated for the purposes of
<ins class="d29p49726 first last">
<noteRef href="#c14890351" marker="F35" class="commentary attribute F"/>
Part 2 of that Act
</ins>
as expenditure incurred by that person on the provision of the fixture, or
</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-27-8-b">
<num>b</num>
<content>
<p>if no such capital sum is received, to be nil.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-27-9">
<num>9</num>
<content>
<p>
Sub-paragraphs (3), (6) and (8) have effect despite any other provision of
<ins class="d29p49742 first last">
<noteRef href="#c14890361" marker="F36" class="commentary attribute F"/>
the Capital Allowances Act
</ins>
.
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-V-crossheading-leased-assets" period="#period1">
<heading> Leased assets</heading>
<paragraph eId="schedule-26-paragraph-28" period="#period1">
<num>28</num>
<subparagraph eId="schedule-26-paragraph-28-1">
<num>1</num>
<content>
<p>Sub-paragraphs (2) and (3) apply for the purposes of section 781 of the 1988 Act (assets leased to traders and others) if the interest of the lessor or the lessee under a lease, or any other interest in an asset, is transferred to a person under a relevant transfer.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-28-2">
<num>2</num>
<content>
<p>The transfer is to be treated as made without any capital sum having been obtained in respect of the interest by the transferor; and this is so despite section 783(4) of that Act.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-28-3">
<num>3</num>
<content>
<p>If the interest is an interest under a lease, payments made by the transferor under the lease before the transfer takes effect are to be treated as if they had been made under that lease by the transferee.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-28-4">
<num>4</num>
<content>
<p>Sub-paragraph (5) applies for the purposes of section 781 of the 1988 Act if a lease, or any other interest in an asset, is granted by the transferor by virtue of provision made under paragraph 5 of Schedule 21.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-28-5">
<num>5</num>
<content>
<p>The grant is to be treated as made without any capital sum having been obtained in respect of the lease, or interest, by the transferor; and this is so despite section 783(4) of that Act.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-28-6">
<num>6</num>
<content>
<p>No charge is to arise under section 781(1) of the 1988 Act by virtue of section 783(2) of that Act in a case where the capital sum mentioned in section 781(1)(b)(i) or (ii) of that Act is or forms part of the consideration obtained (or treated by section 783(4) of that Act as obtained) by the transferor on a disposal by virtue of a relevant transfer of securities of a subsidiary of the transferor.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-28-7">
<num>7</num>
<content>
<p>Expressions used in this paragraph and in sections 781 to 785 of the 1988 Act have the same meanings in this paragraph as in those sections.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-V-crossheading-loan-relationships" period="#period7">
<heading> Loan relationships</heading>
<paragraph eId="schedule-26-paragraph-29" period="#period7">
<num>29</num>
<subparagraph eId="schedule-26-paragraph-29-1">
<num>1</num>
<content>
<p>Sub-paragraph (2) applies if, as a result of a relevant transfer, the transferee replaces the transferor as a party to a loan relationship.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-29-2">
<num>2</num>
<intro>
<p>
<ins class="substitution key-da53481ce48ebd79656c2b783075cca9-1547486390505 first last">
<noteRef href="#key-da53481ce48ebd79656c2b783075cca9" marker="F56" class="commentary attribute F"/>
Part 5 of the Corporation Tax Act 2009
</ins>
is to have effect in relation to the time when the relevant transfer takes effect and any later time as if—
</p>
</intro>
<paragraph eId="schedule-26-paragraph-29-2-a">
<num>a</num>
<content>
<p>the transferee had been a party to the loan relationship at the time the transferor became a party to the loan relationship and at all times since that time, and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-29-2-b">
<num>b</num>
<content>
<p>the loan relationship to which the transferee is a party after the time the transfer takes effect is the same loan relationship as that to which, by virtue of paragraph (a), it is treated as having been a party before that time.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-29-3">
<num>3</num>
<content>
<p>
Expressions used in this paragraph and in
<ins class="substitution key-e6f3d9f900a8d05eb4d3a92828f1f884-1547486507824 first last">
<noteRef href="#key-e6f3d9f900a8d05eb4d3a92828f1f884" marker="F57" class="commentary attribute F"/>
Part 5 of the Corporation Tax Act 2009
</ins>
have the same meanings in this paragraph as in
<ins class="substitution key-e6f3d9f900a8d05eb4d3a92828f1f884-1547486594220 first last">
<noteRef href="#key-e6f3d9f900a8d05eb4d3a92828f1f884" marker="F57" class="commentary attribute F"/>
that Part
</ins>
.
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
</part>
<part eId="schedule-26-part-VI" period="#period7">
<num>Part VI</num>
<heading> Transfers of franchise assets</heading>
<hcontainer name="crossheading" eId="schedule-26-part-VI-crossheading-interpretation" period="#period1">
<heading> Interpretation</heading>
<paragraph eId="schedule-26-paragraph-30" period="#period1">
<num>30</num>
<content>
<p>In this Part of this Schedule—</p>
<blockList class="unordered">
<item>
<p>
<term refersTo="#term-relevant-transfer">relevant transfer</term>
” means a transfer of property, rights or liabilities by virtue of a scheme under paragraph 2 of Schedule 21 under which the property, rights or liabilities are transferred from a person which is, or has been, a franchise company,
</p>
</item>
<item>
<p>
<term refersTo="#term-transferee">transferee</term>
”, in relation to a relevant transfer, means the person to whom the property, rights or liabilities are transferred, and
</p>
</item>
<item>
<p>
<term refersTo="#term-transferor">transferor</term>
”, in relation to a relevant transfer, means the person from whom the property, rights or liabilities are transferred.
</p>
</item>
</blockList>
</content>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-VI-crossheading-chargeable-gains-disposals-not-to-be-treated-as-made-at-market-value" period="#period1">
<heading> Chargeable gains: disposals not to be treated as made at market value</heading>
<paragraph eId="schedule-26-paragraph-31" period="#period1">
<num>31</num>
<subparagraph eId="schedule-26-paragraph-31-1">
<num>1</num>
<intro>
<p>Section 17 of the 1992 Act (disposals and acquisitions treated as made at market value) is not to have effect in relation to—</p>
</intro>
<paragraph eId="schedule-26-paragraph-31-1-a">
<num>a</num>
<content>
<p>a disposal constituted by a relevant transfer or a disposal by virtue of provision made under paragraph 5 of Schedule 21, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-31-1-b">
<num>b</num>
<content>
<p>the acquisition made by the person to whom the disposal is made.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-31-2">
<num>2</num>
<intro>
<p>But sub-paragraph (1) does not apply—</p>
</intro>
<paragraph eId="schedule-26-paragraph-31-2-a">
<num>a</num>
<content>
<p>if the person making the disposal is connected with the person making the acquisition, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-31-2-b">
<num>b</num>
<content>
<p>in the case of a disposal by virtue of provision made under paragraph 5 of Schedule 21, if the disposal is made by or to a person other than the transferor or the transferee.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-31-3">
<num>3</num>
<intro>
<p>If sub-paragraph (1) applies to the disposal of an asset, the disposal is to be taken (in relation to the person making the acquisition as well as the person making the disposal) to be—</p>
</intro>
<paragraph eId="schedule-26-paragraph-31-3-a">
<num>a</num>
<content>
<p>in a case where consideration in money or money’s worth is given by the person making the acquisition or on his behalf in respect of the vesting of the asset in him, for a consideration equal to the amount or value of that consideration, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-31-3-b">
<num>b</num>
<content>
<p>in a case where no such consideration is given, for a consideration of nil.</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-VI-crossheading-chargeable-gains-groups" period="#period1">
<heading> Chargeable gains: groups</heading>
<paragraph eId="schedule-26-paragraph-32" period="#period1">
<num>32</num>
<subparagraph eId="schedule-26-paragraph-32-1">
<num>1</num>
<intro>
<p>Sub-paragraph (2) applies if a company (“the degrouped company”)—</p>
</intro>
<paragraph eId="schedule-26-paragraph-32-1-a">
<num>a</num>
<content>
<p>acquired an asset from another company at any time when both were members of the same group of companies (“the old group”), and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-32-1-b">
<num>b</num>
<content>
<p>ceases by virtue of a relevant transfer to be a member of the old group.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-32-2">
<num>2</num>
<content>
<p>Section 179 of the 1992 Act (company ceasing to be member of group) is not to treat the degrouped company as having by virtue of the transfer sold and immediately reacquired the asset.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-32-3">
<num>3</num>
<content>
<p>If sub-paragraph (2) applies to an asset, that section is to have effect on and after the first subsequent occasion on which the degrouped company ceases to be a member of a group of companies (“the new group”), otherwise than by virtue of a qualifying transfer, as if the degrouped company and the company from which it acquired the asset had been members of the new group at the time of acquisition.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-32-4">
<num>4</num>
<content>
<p>If, disregarding any preparatory transactions, a company would be regarded for the purposes of section 179 of the 1992 Act (and, accordingly, of this paragraph) as ceasing to be a member of a group of companies by virtue of a qualifying transfer, it is to be regarded for those purposes as so doing by virtue of the qualifying transfer and not by virtue of any preparatory transactions.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-32-5">
<num>5</num>
<content>
<p>
In this paragraph “
<term refersTo="#term-preparatory-transaction">preparatory transaction</term>
” means anything done under or by virtue of this Part of this Act for the purpose of initiating, advancing or facilitating the qualifying transfer in question.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-32-6">
<num>6</num>
<content>
<p>Expressions used in this paragraph and in section 179 of the 1992 Act have the same meanings in this paragraph as in that section.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-VI-crossheading-chargeable-gains-disposal-of-debts" period="#period1">
<heading> Chargeable gains: disposal of debts</heading>
<paragraph eId="schedule-26-paragraph-33" period="#period1">
<num>33</num>
<subparagraph eId="schedule-26-paragraph-33-1">
<num>1</num>
<intro>
<p>Sub-paragraph (2) applies if in the case of a relevant transfer—</p>
</intro>
<paragraph eId="schedule-26-paragraph-33-1-a">
<num>a</num>
<content>
<p>a debt owed to the transferor is transferred to the transferee, and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-33-1-b">
<num>b</num>
<content>
<p>the transferor would, apart from this paragraph, be the original creditor in relation to that debt for the purposes of section 251 of the 1992 Act (disposal of debts).</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-33-2">
<num>2</num>
<content>
<p>The 1992 Act is to have effect as if the transferee (and not the transferor) were the original creditor for those purposes.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-VI-crossheading-capital-allowances-actual-consideration-to-be-the-disposal-value" period="#period1">
<heading> Capital allowances: actual consideration to be the disposal value</heading>
<paragraph eId="schedule-26-paragraph-34" period="#period3">
<num>34</num>
<subparagraph eId="schedule-26-paragraph-34-1">
<num>1</num>
<intro>
<p>
Sub-paragraphs (2) to (5) apply for the purposes of
<ins class="d29p50048 first last">
<noteRef href="#c14890381" marker="F37" class="commentary attribute F"/>
Part 3 of the Capital Allowances Act
</ins>
, and the other provisions of that Act which are relevant to that Part, if there is a disposal by virtue of a relevant transfer of the relevant interest in—
</p>
</intro>
<paragraph eId="schedule-26-paragraph-34-1-a">
<num>a</num>
<content>
<p>an industrial building or structure, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-34-1-b">
<num>b</num>
<content>
<p>a qualifying hotel or a commercial building or structure.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-34-2">
<num>2</num>
<content>
<p>The disposal is to be treated as a sale of that relevant interest.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-34-3">
<num>3</num>
<intro>
<p>The sale moneys in respect of that sale are to be taken—</p>
</intro>
<paragraph eId="schedule-26-paragraph-34-3-a">
<num>a</num>
<content>
<p>if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that capital sum, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-34-3-b">
<num>b</num>
<content>
<p>if no such capital sum is received, to be nil.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-34-4">
<num>4</num>
<content>
<p>The sale moneys in respect of that sale are to be taken, as respects the transferee only, to include in addition an amount equal to any capital sum received by a person other than the transferor or a person connected with the transferor by way of consideration or compensation in respect of the acquisition of the relevant interest by the transferee.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-34-5">
<num>5</num>
<content>
<p>
<ins class="d29p50099 first last">
<noteRef href="#c14890391" marker="F38" class="commentary attribute F"/>
Sections 567 to 570 of that Act (sales treated as being for alternative amount)
</ins>
are not to have effect in relation to that sale.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-34-6">
<num>6</num>
<content>
<p>
Sub-paragraph (7) applies for determining, in the case of
<ins class="d29p50109 first last">
<noteRef href="#c14890401" marker="F39" class="commentary attribute F"/>
plant or machinery
</ins>
which is treated for the purposes of
<ins class="d29p50113 first last">
<noteRef href="#c14890411" marker="F40" class="commentary attribute F"/>
the Capital Allowances Act
</ins>
as disposed of by virtue of a relevant transfer, the amount which (in consequence of that disposal) is to be brought into account as the disposal value of that
<ins class="d29p50117 first last">
<noteRef href="#c14890401" marker="F39" class="commentary attribute F"/>
plant or machinery
</ins>
for the purposes of
<ins class="d29p50121 first last">
<noteRef href="#c14890431" marker="F41" class="commentary attribute F"/>
sections 60 of that Act (meaning of “disposal value” and “disposal event”)
</ins>
.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-34-7">
<num>7</num>
<intro>
<p>
The amount is, subject to
<ins class="d29p50131 first last">
<noteRef href="#c14890441" marker="F42" class="commentary attribute F"/>
section 62 of that Act (general limit on amount of disposal value)
</ins>
to be taken—
</p>
</intro>
<paragraph eId="schedule-26-paragraph-34-7-a">
<num>a</num>
<content>
<p>if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that capital sum, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-34-7-b">
<num>b</num>
<content>
<p>if no such capital sum is received, to be nil.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-34-8">
<num>8</num>
<content>
<p>
Sub-paragraph (9) applies if, in consequence of a disposal by virtue of a relevant transfer,
<ins class="d29p50153 first last">
<noteRef href="#c14890451" marker="F43" class="commentary attribute F"/>
a person is treated by section 188 of the Capital Allowances Act as ceasing to own a fixture
</ins>
at any time.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-34-9">
<num>9</num>
<intro>
<p>
The amount which, in consequence of that disposal, is to be brought into account as the disposal value of the fixture for the purposes of
<ins class="d29p50163 first last">
<noteRef href="#c14890461" marker="F44" class="commentary attribute F"/>
section 60 of the Capital Allowances Act is, subject to section 62 of that Act
</ins>
, to be taken—
</p>
</intro>
<paragraph eId="schedule-26-paragraph-34-9-a">
<num>a</num>
<content>
<p>
if a capital sum is received by the transferor or a person connected with the transferor by way of consideration or compensation in respect of the disposal, to be an amount equal to that portion of that capital sum which falls (or, if the person to whom the disposal is made were entitled to an allowance, would fall) to be treated for the purposes of
<ins class="d29p50173 first last">
<noteRef href="#c14890471" marker="F45" class="commentary attribute F"/>
Part 2 of that Act
</ins>
as expenditure incurred by that person on the provision of the fixture, or
</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-34-9-b">
<num>b</num>
<content>
<p>if no such capital sum is received, to be nil.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-34-10">
<num>10</num>
<content>
<p>
Sub-paragraphs (3), (4), (7) and (9) have effect despite any other provision of
<ins class="d29p50189 first last">
<noteRef href="#c14890481" marker="F46" class="commentary attribute F"/>
the Capital Allowances Act
</ins>
.
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-VI-crossheading-loan-relationships" period="#period7">
<heading> Loan relationships</heading>
<paragraph eId="schedule-26-paragraph-35" period="#period7">
<num>35</num>
<subparagraph eId="schedule-26-paragraph-35-1">
<num>1</num>
<content>
<p>
<ins class="substitution key-32f5f573dd2905fbdfacfb36ac334c03-1547487003564 first last">
<noteRef href="#key-32f5f573dd2905fbdfacfb36ac334c03" marker="F58" class="commentary attribute F"/>
Section 444 of the Corporation Tax Act 2009
</ins>
is not to have effect in a case where, as a result of a relevant transfer, the transferee replaces the transferor as a party to a loan relationship.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-35-2">
<num>2</num>
<content>
<p>
Expressions used in this paragraph and in
<ins class="substitution key-d288ccf527e0ccf350d96a59b3959d84-1547487053202 first last">
<noteRef href="#key-d288ccf527e0ccf350d96a59b3959d84" marker="F59" class="commentary attribute F"/>
Part 5 of the Corporation Tax Act 2009
</ins>
have the same meanings in this paragraph as in
<ins class="substitution key-d288ccf527e0ccf350d96a59b3959d84-1547487072385 first last">
<noteRef href="#key-d288ccf527e0ccf350d96a59b3959d84" marker="F59" class="commentary attribute F"/>
that Part
</ins>
.
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
</part>
<part eId="schedule-26-part-VII" period="#period6">
<num>Part VII</num>
<heading> Other provisions concerning transfers</heading>
<hcontainer name="crossheading" eId="schedule-26-part-VII-crossheading-chargeable-gains-value-shifting" period="#period1">
<heading> Chargeable gains: value shifting</heading>
<paragraph eId="schedule-26-paragraph-36" period="#period1">
<num>36</num>
<content>
<p>Nothing in this Part of this Act and nothing done under it is to be regarded as a scheme or arrangement for the purposes of section 30 of the 1992 Act (tax-free benefits).</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-VII-crossheading-chargeable-gains-consequential-amendment" period="#period5">
<heading> Chargeable gains: consequential amendment</heading>
<paragraph eId="schedule-26-paragraph-37" period="#period5">
<num>
<noteRef href="#key-28ee7fe45128a30e2546e8fd5779b489" marker="F49" class="commentary F"/>
37
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-VII-crossheading-group-relief" period="#period2">
<heading> Group relief</heading>
<paragraph eId="schedule-26-paragraph-38" period="#period2">
<num>38</num>
<intro>
<p>The existence of the powers of the Secretary of State or the Authority under this Part of this Act is not to be regarded (and nothing else in that Part is to be regarded) as—</p>
</intro>
<paragraph eId="schedule-26-paragraph-38-a">
<num>a</num>
<content>
<p>constituting arrangements falling within section 410(1) or (2) of the 1988 Act (arrangements for transfer of company to another group or consortium), or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-38-b">
<num>b</num>
<content>
<p>constituting option arrangements for the purposes of paragraph 5B of Schedule 18 to the 1988 Act.</p>
</content>
</paragraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-VII-crossheading-modifications-of-transfer-schemes" period="#period1">
<heading> Modifications of transfer schemes</heading>
<paragraph eId="schedule-26-paragraph-39" period="#period1">
<num>39</num>
<subparagraph eId="schedule-26-paragraph-39-1">
<num>1</num>
<intro>
<p>Sub-paragraph (2) applies if—</p>
</intro>
<paragraph eId="schedule-26-paragraph-39-1-a">
<num>a</num>
<content>
<p>the effect of a scheme under paragraph 1 of Schedule 15, paragraph 31 of Schedule 17, paragraph 1 of Schedule 19 or paragraph 1 of Schedule 25 is modified by an order made by the Secretary of State, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-39-1-b">
<num>b</num>
<content>
<p>the effect of a scheme under paragraph 1 of Schedule 21 under which the property, rights or liabilities are transferred to the Secretary of State or a franchise company is modified by an agreement made under paragraph 15 of that Schedule.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-39-2">
<num>2</num>
<intro>
<p>The Corporation Tax Acts (including this Schedule) are to have effect as if—</p>
</intro>
<paragraph eId="schedule-26-paragraph-39-2-a">
<num>a</num>
<content>
<p>the scheme had been made as modified, and</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-39-2-b">
<num>b</num>
<content>
<p>anything done by or in relation to the preceding holder had (so far as relating to the property, rights or liabilities affected by the modification) been done by or in relation to the subsequent holder.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-39-3">
<num>3</num>
<intro>
<p>For the purposes of sub-paragraph (2) the preceding holder is the person who without the modification—</p>
</intro>
<paragraph eId="schedule-26-paragraph-39-3-a">
<num>a</num>
<content>
<p>became (under the scheme concerned) entitled or subject to the property, rights or liabilities affected by the modification, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-39-3-b">
<num>b</num>
<content>
<p>remained (despite the scheme concerned) entitled or subject to the property, rights or liabilities affected by the modification,</p>
</content>
</paragraph>
<wrapUp>
<p>as the case may be.</p>
</wrapUp>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-39-4">
<num>4</num>
<content>
<p>For the purposes of sub-paragraph (2) the subsequent holder is the person who (in consequence of the modification) becomes, or resumes being, entitled or subject to the property, rights or liabilities affected by the modification.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-VII-crossheading-stamp-duty-and-stamp-duty-reserve-tax" period="#period1">
<heading> Stamp duty and stamp duty reserve tax</heading>
<paragraph eId="schedule-26-paragraph-40" period="#period1">
<num>40</num>
<subparagraph eId="schedule-26-paragraph-40-1">
<num>1</num>
<intro>
<p>Stamp duty is not to be chargeable on—</p>
</intro>
<paragraph eId="schedule-26-paragraph-40-1-a">
<num>a</num>
<content>
<p>a scheme under paragraph 1 of Schedule 15, paragraph 31 of Schedule 17 or paragraph 1 of Schedule 19, 21 or 25, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-40-1-b">
<num>b</num>
<content>
<p>an instrument or agreement which is certified to the Commissioners of Inland Revenue by the Secretary of State as made in pursuance of such a scheme.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-40-2">
<num>2</num>
<intro>
<p>No such scheme, and no instrument or agreement which is certified as mentioned in sub-paragraph (1)(b), is to be taken to be duly stamped unless—</p>
</intro>
<paragraph eId="schedule-26-paragraph-40-2-a">
<num>a</num>
<content>
<p>
it has, in accordance with section 12 of the
<noteRef href="#c14890501" marker="M3" class="commentary M"/>
Stamp Act 1891, been stamped with a particular stamp denoting that it is not chargeable with that duty or that it is duly stamped, or
</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-40-2-b">
<num>b</num>
<content>
<p>it is stamped with the duty to which it would be liable, apart from this paragraph.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-40-3">
<num>3</num>
<intro>
<p>
Section 12 of the
<noteRef href="#c14890511" marker="M4" class="commentary M"/>
Finance Act 1895 is not to operate to require—
</p>
</intro>
<paragraph eId="schedule-26-paragraph-40-3-a">
<num>a</num>
<content>
<p>the delivery to the Inland Revenue of a copy of this Act, or</p>
</content>
</paragraph>
<paragraph eId="schedule-26-paragraph-40-3-b">
<num>b</num>
<content>
<p>the payment of stamp duty under that section on any copy of this Act,</p>
</content>
</paragraph>
<wrapUp>
<p>and is not to apply in relation to an instrument on which, by virtue of sub-paragraph (1), stamp duty is not chargeable.</p>
</wrapUp>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-40-4">
<num>4</num>
<content>
<p>
An agreement to transfer chargeable securities, as defined in section 99 of the
<noteRef href="#c14890521" marker="M5" class="commentary M"/>
Finance Act 1986, to a person specified in sub-paragraph (2)(a) to (c) of paragraph 1 of Schedule 21 is not to give rise to a charge to stamp duty reserve tax if the agreement is made for the purposes of, or for purposes connected with, a scheme under that paragraph.
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-26-part-VII-crossheading-stamp-duty-land-tax" period="#period5">
<heading>
<ins class="M_F_74372c45-1ef6-4552-dec3-f9145208e6a3-1511895677758 first">
<noteRef href="#M_F_74372c45-1ef6-4552-dec3-f9145208e6a3" marker="F50" class="commentary attribute F"/>
Stamp duty land tax
</ins>
</heading>
<paragraph eId="schedule-26-paragraph-40A" period="#period5">
<num>
<ins class="M_F_74372c45-1ef6-4552-dec3-f9145208e6a3-1511895677758"> 40A</ins>
</num>
<subparagraph eId="schedule-26-paragraph-40A-1">
<num>
<ins class="M_F_74372c45-1ef6-4552-dec3-f9145208e6a3-1511895677758">1</ins>
</num>
<content>
<p>
<ins class="M_F_74372c45-1ef6-4552-dec3-f9145208e6a3-1511895677758">For the purposes of stamp duty land tax, a land transaction which is effected by, or in pursuance of a scheme under paragraph 1 of Schedule 15, paragraph 31 of Schedule 17 or paragraph 1 of Schedule 19, 21 or 25 is exempt from charge.</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-40A-2">
<num>
<ins class="M_F_74372c45-1ef6-4552-dec3-f9145208e6a3-1511895677758">2</ins>
</num>
<content>
<p>
<ins class="M_F_74372c45-1ef6-4552-dec3-f9145208e6a3-1511895677758">Relief under this paragraph must be claimed in a land transaction return or an amendment of such a return.</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-26-paragraph-40A-3">
<num>
<ins class="M_F_74372c45-1ef6-4552-dec3-f9145208e6a3-1511895677758">3</ins>
</num>
<content>
<p>
<ins class="M_F_74372c45-1ef6-4552-dec3-f9145208e6a3-1511895677758">In this paragraph—</ins>
</p>
<blockList class="unordered">
<item>
<p>
<ins class="M_F_74372c45-1ef6-4552-dec3-f9145208e6a3-1511895677758">“land transaction” has the meaning given by section 43(1) of the Finance Act 2003;</ins>
</p>
</item>
<item>
<p>
<ins class="M_F_74372c45-1ef6-4552-dec3-f9145208e6a3-1511895677758 last">“land transaction return” has the meaning given by section 76(1) of that Act.</ins>
</p>
</item>
</blockList>
</content>
</subparagraph>
</paragraph>
</hcontainer>
</part>
</hcontainer>
</hcontainer>
</portionBody>
</portion>
</akomaNtoso>