39(1)Section 17 of TCGA 1992 (disposals and acquisitions treated as made at market value) is not to have effect in relation to—U.K.
(a)a disposal constituted by a relevant transfer,
(b)a disposal to which sub-paragraph (2) applies, or
(c)the acquisition made by the person to whom the disposal is made;
but this sub-paragraph does not apply if the person making the disposal is connected with the person making the acquisition.
(2)This sub-paragraph applies to a disposal if—
(a)it is made in accordance with provision contained in a transfer scheme by virtue of paragraph 4, 6 or 12 of Schedule 12 to this Act,
(b)the person making the disposal or the person to whom the disposal is made is a person other than a public body, and
(c)each of those persons is either the transferor or a transferee under the scheme.
(3)If sub-paragraph (1) applies to the disposal of an asset, the disposal is to be taken (in relation to the person making the acquisition as well as the person making the disposal) to be—
(a)in a case where consideration in money or money's worth is given by the person making the acquisition or on his behalf in respect of the vesting of the asset in him, for a consideration equal to the amount or value of that consideration, or
(b)in a case where no such consideration is given, for a consideration of nil.