- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
17.—(1) Section 444AC (transfer schemes transferring whole of business: reduction in income of transferee) is amended as follows.
(2) In subsection (1)—
(a)omit “the whole, or substantially the whole, of the”, and
(b)for “conditions A and B are” substitute “the condition in subsection (2) below is”.
(3) In subsection (2), for “Condition A” substitute “The condition”.
(4) Omit subsection (3).
(5) In subsection (4), for “the transferred surplus” substitute “lesser of the transferred surplus and any positive amount shown (or treated as shown) in line 13 of Form 14 in the periodical return for the last period of account of the transferor ending before the transfer date”.
(6) In subsection (5), for the words from “means” to the end substitute—
“is VE – RBTO where—
(a)VE has the same meaning as in section 444ABB, and
(b)RBTO means so much of BTO as relates to relevant non-transferred assets transferred to the transferee where—
(i)BTO has the same meaning as in section 444ABA, and
(ii)“relevant non-transferred assets” has the same meaning as in section 444AB.”
(7) After subsection (5) insert—
“(5A) Where the transfer is to more than one transferee, the amount of any reduction to be made in accordance with subsection (4) above is to be apportioned to each transferee on a just and reasonable basis.”
(8) The heading accordingly becomes “Transfer schemes: reduction of income of transferee”.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: