Part 1Sale of the Tote

Dissolution, and transfer of assets

4Tax

1

For the purposes of any enactment about income tax, corporation tax or capital gains tax—

a

the successor company and the Horserace Totalisator Board shall be treated as the same person, and

b

in particular, the transfer effected by section 2 shall be disregarded.

2

The transfer effected by section 2—

a

shall be disregarded for the purpose of section 12 of the Finance Act 1895 (c. 16) (duty on property vested by Act, &c.), and

b

shall not give rise to liability under an enactment about stamp duty or stamp duty land tax in respect of anything done (by any person) before the transfer.

3

Nothing in this Part constitutes arrangements for the purposes of—

a

section 42(2) of the Finance Act 1930 (c. 28) (relief from stamp duty),

b

section 27(3) of the Finance Act 1967 (c. 54) (stamp duty), or

c

paragraph 2 of Schedule 7 to the Finance Act 2003 (c. 14) (relief from stamp duty land tax).