11(1)For the purposes of TCGA 1992 a disposal—U.K.
(a)constituted by a relevant transfer, or
(b)to which sub-paragraph (2) applies,
is to be taken (in relation to the person to whom the disposal is made as well as the person making the disposal) to be for a consideration such that no gain or loss accrues to the person making the disposal.
(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 and the person to whom the disposal is made are taxable public bodies, and
(c)each of those persons is either the transferor or a transferee under the scheme.
(3)Sub-paragraph (1) is subject to paragraph 12.