Part 2Income tax, corporation tax and capital gains tax
Chapter 5Chargeable gains
Miscellaneous
36Notional transfers within a group
(1)
Section 171A of TCGA 1992 (notional transfers within a group) is amended as follows.
(2)
After subsection (3) insert—
“(3ZA)
In a case where B—
(a)
is not resident in the United Kingdom, but
(b)
is carrying on a trade in the United Kingdom through a permanent establishment there,
the asset or part deemed to be transferred to B by A is to be treated for the purposes of subsections (2)(c) and (3) above as having been acquired by B for use by or for the purposes of the permanent establishment; but that shall not be taken to affect the question whether or not the asset or part is situated in the United Kingdom at any time.”.
(3)
The amendment made by this section has effect in relation to disposals made on or after 16th March 2005.