Continuity in relation to transfer of intangible assets
This section has no associated Explanatory Notes
10(1)For the purposes of Schedule 29 to the Finance Act 2002 (c. 23)—
(a)a transfer by a transfer scheme of a chargeable intangible asset of the transferor is to be treated as a tax-neutral transfer, and
(b)an intangible fixed asset which is an existing asset of the transferor at the time of the transfer is to be treated, on and after the transfer, as an existing asset in the hands of the Council.
(2)Expressions used in this paragraph and in that Schedule have the same meanings in this paragraph as in that Schedule.