Corporation tax: capital allowancesE+W
5(1)This paragraph applies in respect of property transferred under a transfer scheme from—E+W
(a)the Urban Regeneration Agency, or
(b)the Commission for the New Towns.
(2)Where the property was used by the transferor, and is to be used by the transferee, in connection with a trade, section 343(2) of ICTA (company reconstructions: capital allowances) shall apply.
Commencement Information
I1Sch. 7 para. 5 in force at 8.9.2008 as it applies in relation to, or makes provision about the tax implications of, schemes under ss. 51 and 65 by S.I. 2008/2358, arts. 2(1), 3(1)
6E+WThe following transfers shall be treated as giving rise to neither allowance nor charge for the purposes of capital allowances in respect of a trade (and allowances shall be calculated as if the transferee had always carried on the trade)—
(a)a transfer from the Housing Corporation, and
(b)a transfer to government.
Commencement Information
I2Sch. 7 para. 6 in force at 8.9.2008 as it applies in relation to, or makes provision about the tax implications of, schemes under ss. 51 and 65 by S.I. 2008/2358, arts. 2(1), 3(1)