SCHEDULES

SCHEDULE 7Transfer schemes: tax

Corporation tax: capital gains

7I1

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.