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Broadcasting Act 1996
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- 1996 c. 55
- SCHEDULE 7
- Chargeable gains: sale of successor company : group transactions
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Chargeable gains: sale of successor company : group transactionsE+W+S+N.I.
6(1)For the purposes of section 179 of the Gains Act (company ceasing to be a member of a group), where any company (“the degrouped company”) ceases, by virtue of a qualifying transaction, to be a member of a group of companies, the degrouped company shall not, by virtue of that qualifying transaction, be treated under that section as having sold, and immediately reacquired, any asset acquired from a company which falls to be regarded for the purposes of subsection (1) of that section as having been at the time of acquisition a member of that group.E+W+S+N.I.
(2)Where, disregarding any preparatory transactions, a company 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 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”, in the case of any qualifying transaction, means anything done for the purpose of initiating, advancing or facilitating the qualifying transaction;
“qualifying transaction” means the disposal by the BBC of any shares or 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.
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