SCHEDULES
SCHEDULE 10Taxation provisions relating to transfer schemes
Part 3Transfers under section 12 schemes
Capital allowances: determination of capital value of industrial buildings etc.
I124
1
This paragraph applies for the purposes of Part 3 of the 2001 Act, and the other provisions of that Act which are relevant to that Part, in relation to a relevant transfer of the relevant interest in an industrial building or structure.
2
The transfer is to be treated as a sale of that relevant interest.
3
The net proceeds of that sale, in relation to the transferor, are to be treated—
a
if a capital sum is received by the transferor by way of consideration or compensation in respect of the transfer, as an amount equal to that sum; or
b
if no such sum is received, as nil.
4
Sections 567 to 570 of the 2001 Act (sales treated as being for alternative amount) are not to have effect in relation to that sale.
5
For the purposes of this paragraph a sum received by a person connected with the transferor is to be treated as received by the transferor.