Chargeable gains: generalU.K.
2(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.U.K.
(2)Sub-paragraph (1) has effect subject to the following provisions of this Schedule.
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(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.
Textual Amendments
F1Sch. 7 para. 2(3) 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)(i)
Commencement Information
I1Sch. 7 paras. 1-20 wholly in force at 1.2.2001, see s. 275(1) and S.I. 2001/57, art. 3(1), Sch. 2 Pt. I (subject to the transitional provision and saving in Sch. 2 Pt. II)