5(1)For the purposes of section 179 of the Gains Act (company ceasing to be a member of a group), where any subsidiary of the Authority (“the degrouped company”) ceases, by virtue of a qualifying transaction, to be a member of a group of companies including the Authority, the degrouped company shall not, by virtue of that transaction, be treated under that section as having sold, and immediately reacquired, any asset acquired from a company which was at the time of acquisition a member of that group.
(2)Where, disregarding any preparatory transactions, a subsidiary of the Authority would be regarded for the purposes of section 179 of the Gains Act (and, accordingly, of this paragraph) as ceasing to be a member of a group of companies including the Authority by virtue of a qualifying transaction, it shall be regarded for those purposes as so doing by virtue of the qualifying transaction and not by virtue of any preparatory transactions.
(3)In this paragraph—
“preparatory transaction” means anything done under or by virtue of the [1954 c. 32.] Atomic Energy Authority Act 1954, the [1981 c. 48.] Atomic Energy (Miscellaneous Provisions) Act 1981 or this Act for the purposes of initiating, advancing or facilitating the qualifying transaction in question;
“qualifying transaction” means—
the transfer of any property, rights or liabilities of the Authority in accordance with a transfer scheme, or
the disposal by the Authority of any securities of a successor company.
(4)Expressions used in this paragraph and in section 179 of the Gains Act have the same meaning in this paragraph as they have in that section.