- Latest available (Revised)
- Point in Time (30/06/2022)
- Original (As enacted)
Point in time view as at 30/06/2022.
Transport Act 2000, Cross Heading: Chargeable gains: securities is up to date with all changes known to be in force on or before 08 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
3(1)This paragraph applies if—U.K.
(a)assets are transferred to a company under a transfer scheme,
(b)in consequence the Secretary of State gives a direction under section 49 above, and
(c)the company issues securities in accordance with the direction.
(2)For the purposes of the 1992 Act the person to whom the securities are issued is to be treated as acquiring them for a consideration—
(a)provided by him wholly and exclusively for the securities, and
(b)equal to the market value of the assets transferred to the company under the scheme.
(3)This paragraph applies whether or not the person to whom the securities are issued is the person transferring the assets under the scheme.
(4)Expressions used in this paragraph and in the 1992 Act have the same meanings in this paragraph as in that Act.
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)
4(1)This paragraph applies if —U.K.
(a)the Secretary of State gives a direction under section 57 above requiring the CAA to release a company from liability in respect of debts,
(b)in connection with the direction the Secretary of State gives a direction or directions under section 58 above, and
(c)securities are issued in accordance with the direction or directions under section 58.
(2)Sub-paragraph (3) applies if the direction under section 58 requires securities to be issued to one person only or the directions under that section (taken together) require securities to be issued to one person only; and sub-paragraph (4) applies in any other case.
(3)For the purposes of the 1992 Act the person to whom the securities are issued is to be treated as acquiring them for a consideration—
(a)provided by him wholly and exclusively for the securities, and
(b)equal to the amount of the liability affected by the release required by the direction under section 57.
(4)For the purposes of the 1992 Act a person to whom any of the securities are issued is to be treated as acquiring them for a consideration—
(a)provided by him wholly and exclusively for the securities, and
(b)equal to such part as is just and reasonable of the amount of the liability affected by the release required by the direction under section 57.
(5)This paragraph applies whether or not the person to whom the securities are issued, or any person to whom any of the securities are issued, is a person transferring anything under the transfer scheme in connection with which the direction under section 57 is given.
(6)Expressions used in this paragraph and in the 1992 Act have the same meanings in this paragraph as in that Act.
Commencement Information
I2Sch. 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)
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: