SCHEDULES

SCHEDULE 1U.K.Chargeable gains accruing to non-residents etc

PART 2 U.K.Consequential amendments

TCGA 1992U.K.

61(1)Section 171 (transfers within a group: general provisions) is amended as follows.U.K.

(2)In subsection (1A), in the second sentence, for the words from “and would” to the end substitute “ chargeable to corporation tax as a result of section 2B(3) or (4). ”

(3)After subsection (1A) insert—

(1B)If—

(a)company A is deemed under section 25(3) to have previously disposed of the asset, but

(b)no gain or loss accrued on that deemed disposal as a result of section 25ZA(2),

that deemed disposal is to be ignored in applying subsection (1) of this section in relation to company B.

(4)In subsection (2), omit paragraph (ba).