23(1)[F1Chapter 2 of Part 19 of the Corporation Tax Act 2010] (sale and lease-back: taxation of consideration) [F2, and Chapter 2 of Part 12A of the Income Tax Act 2007 (which makes corresponding provision),] shall not apply where—U.K.
(a)the assignment of the original lease, and
(b)the grant or assignment of the new lease,
each fall within sub-paragraph (2).
(2)The assignment of the original lease, or the grant or assignment of the new lease, falls within this sub-paragraph if—
(a)it is a relevant transfer; or
(b)it takes place between the BBC and a successor company at a time when the successor company remains a wholly-owned subsidiary of the BBC; or
(c)it takes place between two successor companies at a time when both remain wholly-owned subsidiaries of the BBC.
(3)The reference in sub-paragraph (1) to the assignment of the original lease and the grant or assignment of the new lease shall be construed in accordance with [F3Chapter 2 of Part 19 of the Corporation Tax Act 2010] [F4, or section 681BA of the Income Tax Act 2007,] and sub-paragraph (2) shall be construed accordingly.
Textual Amendments
F1Words in Sch. 7 para. 23(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 294(8) (with Sch. 2)
F2Words in Sch. 7 para. 23(1) inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 246(4) (with Sch. 9 paras. 1-9, 22)
F3Words in Sch. 7 para. 23(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 294(9) (with Sch. 2)
F4Words in Sch. 7 para. 23(3) inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 246(5) (with Sch. 9 paras. 1-9, 22)