SCHEDULES
SCHEDULE 7 Transfer schemes: tax
Chargeable gains: general
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1
For the purposes of the 1992 Act a disposal constituted by a relevant transfer is to be taken (in relation to the transferee as well as the transferor) to be for a consideration such that no gain or loss accrues to the transferor.
2
Sub-paragraph (1) has effect subject to the following provisions of this Schedule.
3
In section 35(3)(d) of the 1992 Act (list of provisions for transfers treated as made without gain or loss) after sub-paragraph (xii) insert—
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paragraph 2(1) of Schedule 7 to the Transport Act 2000;
4
Section 171(1) of the 1992 Act (provision in relation to disposal of assets from one member of a group of companies to another member of the group) does not apply if the disposal in question is constituted by a relevant transfer.
5
Expressions used in this paragraph and in the 1992 Act have the same meanings in this paragraph as in that Act.