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Iron and Steel Act 1982

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This is the original version (as it was originally enacted).

13Taxation liability of Corporation

(1)Except as provided in this section, nothing in this Act exempts the Corporation from liability for any tax, duty, rate, levy or other charge whatsoever, whether general or local.

(2)Where a company is formed by the Corporation or the amount of the capital of a subsidiary of the Corporation is increased, then, if the Treasury are satisfied that the formation of the company or the increase of capital, as the case may be, is—

(a)for the purpose of giving effect to a direction given by the Secretary of State under section 5(1) above, or

(b)for the purpose of making a change in organisation for which the Secretary of State has given his consent under section 4(2) above, or

(c)for purposes that include either of those purposes, stamp duty shall not be chargeable under section 47 of the Finance Act 1973 on any document relating to a chargeable transaction consisting of the formation of the company or the increase of capital except to the extent to which, in the opinion of the Treasury, the transaction goes beyond what is necessary for achieving that purpose.

(3)Where, in accordance with arrangements approved by the Secretary of State for the purposes of section 9 of the Iron and Steel Act 1969, section 13(3) of the Iron and Steel Act 1975 or this subsection, a publicly-owned company which was in public ownership on 30th April 1969 ceases to carry on a trade and the Corporation begin to carry on activities of that trade as part of their trade, section 252(3) of the Income and Corporation Taxes Act 1970 (company reconstructions without change of ownership) shall, in its application to the company and the Corporation, have effect as if, after the words " carrying on the trade ", there were inserted the words

or any trade of which it has come to form part.

(4)In the event of the dissolution of a company which was in public ownership both on 30th April 1969 and immediately before its dissolution, the Corporation shall be entitled to relief from corporation tax under section 265(1) of the Income and Corporation Taxes Act 1970 (computation of chargeable gains) for any amount for which the company, had it not been dissolved, would have been entitled to claim relief in respect of allowable losses.

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