SCHEDULES

SCHEDULE 24Transfers and transfer schemes: tax provisions

PART 2Certain transfers under scheme under section 190 or 191

Chargeable gains: disposal on transfer to be treated as no gain/no loss disposal

6

(1)

For the purposes of the Taxation of Chargeable Gains Act 1992, a disposal constituted by a transfer within sub-paragraph (2) is to be treated in relation to the transferor and transferee as made for a consideration such that no gain or loss accrues to the transferor.

(2)

A transfer is within this sub-paragraph if—

(a)

it is a transfer in accordance with a transfer scheme under section 190 of property, rights or liabilities of the Homes and Communities Agency and the transferee is a public body, or

(b)

it is in accordance with a transfer scheme under section 191 and the transferee is a public body.

(3)

In section 288(3A) of the Taxation of Chargeable Gains Act 1992 (meaning of the “no gain/no loss provisions”) at the end insert—

“(m)

paragraph 6(1) of Schedule 24 to the Localism Act 2011.”