SCHEDULES
SCHEDULE 7Transfer schemes: tax
Corporation tax: capital allowances
5I1
1
This paragraph applies in respect of property transferred under a transfer scheme from—
a
the Urban Regeneration Agency, or
b
the Commission for the New Towns.
2
Where the property was used by the transferor, and is to be used by the transferee, in connection with a trade, section 343(2) of ICTA (company reconstructions: capital allowances) shall apply.
6I2
The following transfers shall be treated as giving rise to neither allowance nor charge for the purposes of capital allowances in respect of a trade (and allowances shall be calculated as if the transferee had always carried on the trade)—
a
a transfer from the Housing Corporation, and
b
a transfer to government.