Part VI Miscellaneous and Supplementary
Supplementary
77 Corporation Tax.
1
Subject to subsection (2), the successor company shall be treated for all purposes of corporation tax as if it were the same person as the BAA.
2
The successor company shall not by virtue of subsection (1) be regarded as a body falling within section F1170(12) of the Taxation of Chargeable Gains Act 1992 (bodies established for carrying on industries or undertakings under national ownership or control).
F23
For the purposes of Part VI of the M1Income and Corporation Taxes Act 1988 (company distributions) and F4Part 5 of the Corporation Tax Act 2009 (loan relationships), any debentures of the company issued in pursuance of section 4 shall be treated as having been issued for new consideration equal to the principal sum payable under the debenture.
4
For the avoidance of doubt it is hereby declared that—
a
any issue of shares in pursuance of section 4 is to be regarded as a subscription for shares for the purposes of section F3400(9) of the 1988 Act (write-off of government investment: restriction of tax losses); and
b
where any debentures are issued in pursuance of section 4, the principal sums payable under the debentures are to be regarded as money lent for those purposes.
5
Where in the case of a claim of group relief—
a
the claimant company is the BAA or the successor company and the surrendering company is a company to whom property, rights or liabilities have been transferred by a scheme made under section 1, and
b
the claim relates to the accounting period of the surrendering company first ending after that transfer, and
c
the corresponding accounting period of the claimant company ends with the same date as that accounting period,
then, for the purposes of section F3408(2) of the 1988 Act (corresponding accounting periods) as it applies in relation to the claim, those accounting periods shall be taken to coincide and, for the purposes of section F3409(1) of that Act (companies joining or leaving group) as it so applies, the claimant company and the surrendering company shall be taken to have been members of the same group throughout each of those periods (notwithstanding anything in section F3409(2) and (3) of that Act).