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

Company ceasing to be member of group

34.  Where the sale and reacquisition of an asset which are to be treated by virtue of section 178 (3) or (5) or 179 (3) or (6) of the 1992 Act (including any of those subsections as it has effect by virtue of Article 19(6) of the 1994 Order) as having taken place are a sale and reacquisition of relevant land or a relevant estate in land—

(a) the sale and reacquisition shall for the purposes of Article 19 of the 1994 Order and this Order be treated as having taken place immediately before the company mentioned in section 178 or 179 ceased to be a member of the group mentioned in sections 178(3) or (5) or 179(3) or (6), at market value at that time (and not immediately after the acquisition of the asset, at market value at that time) and that time shall accordingly be the disposal date in relation to the disposal constituted by the sale; and

(b) in the event that the consideration for which that company acquired the land or interest has before the section 178 or 179 disposal fallen to be recomputed under Article 35, the sum attributable to the land or estate under section 38(1)(a) of the 1992 Act, as applied for the purposes of Article 19 of the 1994 Order, shall be that consideration as last previously recomputed.