(1)Where under arrangements falling within section 47 [F2, 47A or 48A] an asset is sold by one party to the arrangements to the other party, the effective return shall be excluded in determining for the purposes of the Tax Acts (apart from that section) and of TCGA 1992 the consideration for the sale and purchase of the asset.
(2)Subsection (1) does not affect the operation of any provision of the Tax Acts or TCGA 1992 which provides that the consideration for a sale or purchase is to be taken for any purpose to be an amount other than the actual consideration.
[F3(3)In the application of this section to section 47A [F4or 48A] a reference to the effective return is a reference to the alternative finance return.]
Textual Amendments
F1Words in s. 53 heading substituted (with effect in accordance with s. 53(13)(14) of the amending Act) by Finance Act 2007 (c. 11), s. 53(7)(a)
F2Words in s. 53(1) substituted (with effect in accordance with s. 53(13)(14) of the amending Act) by Finance Act 2007 (c. 11), s. 53(7)(a)
F3S. 53(3) added (with effect in accordance with s. 96(8) of the amending Act) by Finance Act 2006 (c. 25), s. 96(6)(b)
F4Words in s. 53(3) inserted (with effect in accordance with s. 53(13)(14) of the amending Act) by Finance Act 2007 (c. 11), s. 53(7)(b)