The Ports (Levy on Disposals of Land, etc.) Order (Northern Ireland) 1997

Appropriation to trading stock

11.—(1) If relevant land or a relevant estate in land is within the levy period appropriated by a member of a chargeable company’s group as trading stock in such circumstances that section 161(1) of the 1992 Act applies to the appropriation, the disposal constituted by the appropriation shall for the purposes of Article 19 of the 1994 Order be regarded as taking place at such time as the land or estate ceases to be beneficially owned—

(a) if that member was not a member of the chargeable company’s wholly-owned group, by that member; or

(b) if that member was a member of the chargeable company’s wholly-owned group, by any member of the wholly-owned group;

and that time shall accordingly be the disposal date in relation to that disposal.

(2) The gain (if any) accruing on a disposal within paragraph (1) shall—

(a) in a case falling within sub-paragraph (a) of that paragraph or in a case which falls within sub-paragraph (b) of that paragraph by reason of the member’s disposal of the land or estate, be equal to the gain which, if the land or estate had not been so appropriated, would have accrued or been regarded as accruing on the disposal as a result of which the land or estate ceased to be so beneficially owned; or

(b) in any other case falling within sub-paragraph (b) of that paragraph, be computed as if the land or estate had been disposed of at that time at its then market value.

(3) Sections 161(3), (4) and 173(2) of the 1992 Act shall not apply for the purposes of Article 19 of the 1994 Order.