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Finance Act 1977
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- UK Public General Acts
- 1977 c. 36
- PART III
- Section 41
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Version Superseded: 06/04/1992
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41 Capital gains; company reconstructions and amalgamations involving transfer of business assets. U.K.
(1)In section 267 of the Taxes Act (relief where reconstruction or amalgamation involves transfer of business assets) after subsection (3) there shall be inserted—
“(3A)This section does not apply unless the reconstruction or amalgamation is effected for bona fide commercial reasons and does not form part of a scheme or arrangements of which the main purpose, or one of the main purposes, is avoidance of liability to corporation tax, capital gains tax or income tax: but the foregoing provisions of this subsection shall not affect the operation of this section in any case where, before the transfer, the Board have, on the application of the acquiring company, notified the company that the Board are satisfied that the reconstruction or amalgamation will be effected for bona fide commercial reasons and will not form part of any such scheme or arrangements as aforesaid.
Subsections (4) to (7) of section 40 of the Finance Act 1977 shall have effect in relation to this subsection as they have effect in relation to subsection (3)(b) of that section.
(3B)Where, if the company making the disposal had not been wound up, tax could have been assessed on it by virtue of subsection (3A) above, that tax may be assessed and charged (in the name of the company making the disposal) on the company to which the disposal is made.
(3C)If any tax assessed on a company (the chargeable company) by virutue of subsection (3a) or (3B) above is not paid within six months from the date when it is payable, and other person who—
(a)holds all or any part of the assets in respect of which the tax is charged; and
(b)either is the company to which the disposal was made or has acquired the assets without there having been any subsequent disposal not falling within this section or section 273 below,”
(2)This section applies where the transfer takes effect after 19th April 1977.
Modifications etc. (not altering text)
C1The text of ss. 41(1), 51, 59 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991
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