SCHEDULES

SCHEDULE 26Transfers: tax

Part IIITransfers from BR to SRA

Chargeable gains: disposal of debts

12

1

Sub-paragraph (2) applies if in the case of a relevant transfer—

a

a debt owed to the transferor is transferred to the transferee, and

b

the transferor would, apart from this paragraph, be the original creditor in relation to that debt for the purposes of section 251 of the 1992 Act (disposal of debts).

2

The 1992 Act is to have effect as if the transferee (and not the transferor) were the original creditor for those purposes.