SCHEDULES
SCHEDULE 7Transfer schemes: tax
Corporation tax: capital gains
7
(1)
This paragraph applies in respect of property transferred under a transfer scheme from—
(a)
the Urban Regeneration Agency,
(b)
the Commission for the New Towns, or
(c)
the Housing Corporation.
(2)
Section 17 of TCGA (disposals and acquisitions treated as at market value) shall not apply.
(3)
For the purposes of TCGA the transfer (in relation to the transferor and the transferee) is to be taken as being a disposal for a consideration such that neither gain nor loss accrues.
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A transfer shall be disregarded for the purposes of section 30 of TCGA (value-shifting: tax-free benefits).
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