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This is the original version (as it was originally enacted).
Deemed market value acquisition: adjustment of amounts in case of nil accounting value
106(1)This paragraph applies where a company is treated for the purposes of this Schedule as acquiring an asset at market value but the accounting value of the asset transferred, in the hands of the transferee, is nil.
(2)Where this paragraph applies—
(a)any reference in this Schedule to—
(i)the cost of the asset recognised for accounting purposes,
(ii)the accounting value of the asset, or
(iii)the amount of any loss recognised for accounting purposes in respect of capitalised expenditure on the asset,
shall be read as references to the cost, value or loss that would have been recognised if the asset had been acquired at market value; and
(b)any revaluation of the asset (as defined in paragraph 15) shall be disregarded.
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