5(1)For the purposes of the application of Part 5 of CTA 2009 (loan relationships) in relation to a relevant transfer of rights and liabilities under a loan relationship to which immediately before the transfer takes effect the transferor is a party for the purposes of a trade it carries on, the transferee and the transferor are to be treated as if at the time of the transfer they were members of the same group.U.K.
(2)For the purposes of the application of Part 5 of CTA 2009 in relation to a transfer that—
(a)is to a public body,
(b)is in accordance with a transfer scheme under section 190 or 191, and
(c)is of rights and liabilities under a loan relationship to which immediately before the transfer takes effect the HCA or LDA is a party otherwise than for the purposes of a trade it carries on,
the HCA or LDA, and the person to whom the transfer is made, are to be treated as if at the time of the transfer they were members of the same group.
(3)In this paragraph any reference to being members of the same group is to be read in accordance with section 170 of the Taxation of Chargeable Gains Act 1992.
(4)In this paragraph—
“the HCA” means the Homes and Communities Agency, and
“the LDA” means the London Development Agency.
Commencement Information
I1Sch. 24 in force for specified purposes at Royal Assent see s. 240(5)(o)
I2Sch. 24 para. 5 in force at 30.3.2012 for E.W. by S.I. 2012/628, art. 3(b)