Finance Act, 1992
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Company reconstruction or amalgamation: transfer of development land. |
67.—Where, on or after the 24th day of April, 1992, a company, for the purposes of or in connection with a scheme of reconstruction or amalgamation (within the meaning of subsection (3) of section 127 of the Corporation Tax Act, 1976 ), disposes of an asset which consists of development land (within the meaning of section 36 of the Finance Act, 1982 ) to another company and— | |
(a) the disposal is not made in the course of a transfer to which section 65 applies, and | ||
(b) the company disposing of the asset and the company acquiring the asset would, if the definition of chargeable gains in subsection (1C) of section 13 (as amended by section 31 of the Finance Act, 1982 ) of the Corporation Tax Act, 1976 , and subsection (4) of section 36 of the Finance Act, 1982 , were deleted, be treated in accordance with subsection (1) of section 127 of the Corporation Tax Act, 1976 , in respect of that asset, | ||
then, the companies shall be treated as if the said asset was acquired by the one company from the other company for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the company making the disposal and, for the purposes of section 3 of the Capital Gains Tax (Amendment) Act, 1978 , the acquiring company shall be treated as if the acquisition of the asset by the other company had been the acquiring company's acquisition of it. |