SCHEDULES

SCHEDULE 26 Transfers: tax

Part V Transfers from SRA to franchise company

Chargeable gains: disposal of debts

26

(1)

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.