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Broadcasting Act 1996
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- 1996 c. 55
- SCHEDULE 7
- Corporation tax: leased assets
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- S.I. 2003/766 art. 2 Sch. commences (2002 c. 40)
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Corporation tax: leased assetsE+W+S+N.I.
24(1)For the purposes of section 781 of the Taxes Act 1988 (assets leased to traders and others) where the interest of the lessor or the lessee under a lease, or any other interest in an asset, is transferred in accordance with a transfer scheme to the BBC or a transferee, the transfer shall be treated as being effected without any capital sum having been obtained in respect of that interest by the BBC or the transferee.E+W+S+N.I.
(2)Section 782 of the Taxes Act 1988 (deduction of payment under leases: special cases) shall not apply to any payments made by the BBC or a company which is a transferee under a transfer scheme if the payments are made—
(a)under any lease created in favour of the BBC or such a company by virtue of, or in pursuance of an obligation imposed by, a provision contained in a transfer scheme by virtue of paragraph 2 of Schedule 5; or
(b)under any lease—
(i)which is granted to or by a successor company at a time when it remains a wholly-owned subsidiary of the BBC; and
(ii)which is a lease of an asset which at any time before the creation of the lease was used by the BBC for the purposes of a trade carried on by the BBC and which was, when so used, owned by the BBC.
(3)In this paragraph “lease” and “asset” have the meaning given by section 785 of the Taxes Act 1988.
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