Transfer schemes: no gain/no lossU.K.
14(1)TCGA 1992 is amended as follows.U.K.
(2)In section 211 (application of section 139), for subsections (2) and (2A) substitute—
“(2)Where this section applies the transferor and the transferee are treated for the purposes of corporation tax on chargeable gains as if any assets included in the transfer which—
(a)immediately before they are acquired by the transferee, were assets of the transferor's long-term insurance fund, and
(b)immediately after they are so acquired are assets of the transferee's long-term insurance fund,
were acquired for a consideration of such amount as would secure that neither a gain nor a loss would accrue to the transferor on the disposal.
(3)Subsection (2) above is subject to section 212.”
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 9 para. 14(3) omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 70(i)