Search Legislation

Housing and Regeneration Act 2008

Schedule 7 – Transfer Schemes: tax

949.Schedule 7 makes provision relating to the tax implications of transfers of property, rights or liabilities under transfer schemes made under sections 51 or 65 and Schedule 6. It ensures that unwanted tax charges and reliefs do not arise as a consequence of such schemes.

950.Paragraph 1 introduces the Schedule.

951.Paragraph 2 defines the key concepts “transfer”, “transfer scheme”, “transfer between bodies” and “transfer to government” used elsewhere in the Schedule.

952.Paragraph 3 contains other definitions used elsewhere in the Schedule.

953.Paragraph 4 provides continuity of trade in connection with the computation of profits and losses for purposes of corporation tax in respect of periods wholly partly after the commencement of a transfer scheme.

954.Paragraphs 5 and 6 provide for continuity of treatment for capital allowances in respect of property transferred under a transfer scheme.

955.Paragraph 7 provides that, in respect of property transferred under a transfer scheme, for capital gains purposes, the transfer is to be taken as being for a consideration such that no gain nor loss accrues.

956.Paragraph 8 provides that section 30 of the Taxation of Chargeable Gains Act 1992 shall be disregarded in respect of a transfer made under a transfer scheme.

957.Paragraph 9 makes a consequential amendment to section 35(3)(d) of the Taxation of Chargeable Gains Act 1992.

958.Paragraph 10 ensures continuity of treatment for transfers made under a transfer scheme for the purposes of intangible assets.

959.Paragraph 11 ensures continuity of treatment for transfers made under a transfer scheme for the purposes of loan relationships.

960.Paragraph 12 ensures that no stamp duty liability arises on a transfer made under a transfer scheme.

Back to top

Options/Help

Print Options

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.