6(1)This paragraph applies if—
(a)but for section 154 of the 1992 Act (depreciating assets) a held-over gain would have been carried forward to a depreciating asset,
(b)the asset is the subject of a relevant transfer, and
(c)the Secretary of State is not the transferee under the relevant transfer.
(2)Section 154 is to have effect as if the gain had accrued to, and the claim for it to be held over had been made by, the transferee and as if the transferor’s acquisition of the depreciating asset had been the transferee’s acquisition of it.
(3)Expressions used in this paragraph and in section 154 have the same meanings in this paragraph as in that section.