14(1)This paragraph applies if under a relevant transfer all the issued share capital of a company (the transferred company) is transferred from the CAA to—U.K.
(a)the Secretary of State, or
(b)a company whose shares are all held by the Secretary of State when the transfer takes effect.
(2)For the purposes of section 768 of the 1988 Act (disallowance of trading losses on change in company’s ownership) the transfer is not to be taken to result in a change in the ownership of—
(a)the transferred company, or
(b)a company which is a wholly owned subsidiary of the transferred company when the transfer takes effect.
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)