Schedules

Schedule 3Transitionals and savings

Part 12Supplemental

112Election regarding sale consideration

1

In relation to a transfer to which this paragraph applies, section 569(3) applies with the substitution for paragraph (a) of—

a

any of the parties is not resident in the United Kingdom at the time of the transfer and the circumstances are not at that time such that a relevant allowance or charge falls or might fall to be made to or on that party as a result of the transfer;

2

This paragraph applies to—

a

a transfer before 16th March 1993;

b

a transfer in pursuance of a contract entered into before that date; and

c

a transfer in pursuance of a contract entered into for the purpose of securing that obligations under a contract entered into before that date are complied with.