SCHEDULES

SCHEDULE 9Taxation provisions relating to nuclear transfer schemes

Part 1Transfers to the NDA or a subsidiary of the NDA

Chargeable gains: disposal of debts

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1

This paragraph applies if—

a

a debt owed to any person is transferred to the NDA or a subsidiary of the NDA in accordance with a section 39 scheme; and

b

the transferor would (apart from this paragraph) be the original creditor in relation to that debt for the purposes of section 251 of the 1992 Act (disposal of debts).

2

The 1992 Act is to have effect as if the NDA or (as the case may be) its subsidiary (and not the transferor) were the original creditor for those purposes.