SCHEDULES
SCHEDULE 1Minor and consequential amendments
Part 2Other enactments
Taxation of Chargeable Gains Act 1992 (c. 12)
366
1
Amend section 116 (reorganisations, conversions and reconstructions) as follows.
2
In subsection (8A)—
a
in the first sentence, for “Chapter II of Part IV of the Finance Act 1996” and “that Chapter” substitute “
Part 5 of CTA 2009
”
and “
that Part
”
respectively, and
b
in the second sentence for the words from “transaction” to the end substitute “
relevant loan relationship transaction
”
.
3
After subsection (8A) insert—
8AA
In subsection (8A) “relevant loan relationship transaction” means a transaction to which any of the following provisions applies—
section 342 of CTA 2009 (continuity of treatment on transfers within groups or reorganisations: issues of new securities on reorganisations: disposal at notional carrying value),
section 343 of that Act (continuity of treatment on transfers within groups or reorganisations: receiving company using fair value accounting),
section 424 of that Act (European cross-border transfers of business: reorganisations involving loan relationships),
section 425 of that Act (European cross-border transfers of business: original holder using fair value accounting),
section 435 of that Act (European cross-border mergers: reorganisations involving loan relationships),
section 436 of that Act (European cross-border mergers: original holder using fair value accounting).
4
In subsection (16) for “section 80(5) of the Finance Act 1996” and “Chapter II of Part IV” substitute “
section 464(1) of CTA 2009
”
and “
Part 5
”
respectively.