Finance Act 2012

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Amendment of section 562 (contingent liabilities) of Principal Act.

57.— (1) Section 562 of the Principal Act is amended by inserting the following after subsection (2):

“(2A) No adjustment shall be made in accordance with subsection (2) unless it is shown to the satisfaction of the inspector that the assignor, vendor, lessor or grantor of an option, as the case may be, has paid an amount equal to the amount of the contingent liability in respect of that liability.”.

(2) This section applies to disposals made on or after 8 February 2012.