Part 1The Local Better Regulation Office
Supplementary and general
19Dissolution of LBRO: tax
(1)
Where an order under section 18 makes provision under subsection (2)(a) of that section, the Treasury may by regulations make provision for varying the way in which a relevant tax has effect in relation to—
(a)
the property, rights or liabilities transferred, or
(b)
anything done for the purposes of, or in relation to, the transfer.
(2)
The provision which may be made under subsection (1)(a) includes in particular provision for—
(a)
a tax provision not to apply, or to apply with modifications, in relation to the property, rights or liabilities transferred;
(b)
the property, rights or liabilities transferred to be treated in a specified way for the purposes of a tax provision;
(c)
the Secretary of State to be required or permitted, with the consent of the Treasury, to determine, or specify the method for determining, anything which needs to be determined for the purposes of any tax provision so far as relating to the property, rights or liabilities transferred.
(3)
The provision which may be made under subsection (1)(b) includes in particular provision for—
(a)
a tax provision not to apply, or to apply with modifications, in relation to anything done for the purposes of, or in relation to, the transfer;
(b)
anything done for the purposes of, or in relation to, the transfer to have or not have a specified consequence or be treated in a specified way;
(c)
the Secretary of State to be required or permitted, with the consent of the Treasury, to determine, or specify the method for determining, anything which needs to be determined for the purposes of any tax provision so far as relating to anything done for the purposes of, or in relation to, the transfer.
(4)
In this section—
“relevant tax” means income tax, corporation tax, capital gains tax, stamp duty or stamp duty reserve tax;
“tax provision” means a provision of an enactment about a relevant tax.