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Energy Act 2004
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- UK Public General Acts
- 2004 c. 20
- SCHEDULE 9
- Part 2
- Chargeable gains: degrouping charges
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Changes over time for: Cross Heading: Chargeable gains: degrouping charges
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- 05/10/2004- Amendment
- 01/10/2009
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Energy Act 2004, Cross Heading: Chargeable gains: degrouping charges is up to date with all changes known to be in force on or before 30 November 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.
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Chargeable gains: degrouping chargesU.K.
19(1)This paragraph applies if a company (“the degrouped company”)—U.K.
(a)acquired an asset from another company at a time when both were members of the same group of companies (“the old group”); and
(b)ceases by virtue of a transfer to which this Part of this Schedule applies to be a member of the old group.
(2)Section 179 of the 1992 Act (company ceasing to be member of group) is not to treat the degrouped company as having by virtue of the transfer sold and immediately reacquired the asset.
(3)Where sub-paragraph (2) has applied to an asset, section 179 of the 1992 Act is to have effect on and after the first subsequent occasion on which the degrouped company ceases to be a member of a group of companies (“the new group”) as if—
(a)the degrouped company, and
(b)the company from which it acquired the asset,
had been members of the new group at the time of acquisition.
(4)Expressions used in this paragraph and in section 179 of the 1992 Act have the same meanings in this paragraph as in that section.
Commencement Information
I1Sch. 9 para. 19 in force at 5.10.2004 by S.I. 2004/2575, art. 2(1), Sch. 1
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