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Finance Act 1970

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This is the original version (as it was originally enacted).

8(1)For the purposes of Part III of the Finance Act 1965 (capital gains) any asset transferred on the transfer of the trade shall be deemed to be for a consideration such that no gain or loss accrues to the Board on its transfer ; and for the purposes of Part II of Schedule 6 to that Act (assets held on 6th April 1965) the transferee shall be treated as if the acquisition by the Board or the British Transport Commission of any assets so transferred had been the transferee's acquisition thereof.

(2)In section 272(6) of the Taxes Act (Passenger Transport Executives treated as companies for the purposes of provisions of Chapter II of Part )(I of that Act about groups of companies) after the words " in relation to " there shall be inserted the words

the London Transport Executive and

and for the words " that Executive" there shall be substituted the words

each of those Executives.

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