SCHEDULES
SCHEDULE 13Transfer schemes: tax provisions
Part 3Transfers etc from taxable public bodies to exempt public bodies
Capital allowances: determination of capital value of industrial buildings etc.
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1
This paragraph applies for the purposes of Part 3 of CAA 2001, 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
This paragraph is subject to section 36 of FA 2007 (which makes provision about balancing adjustments etc under Part 3 of CAA 2001).
3
The transfer is to be treated as a sale of that relevant interest.
4
The net proceeds of that sale 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.
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.
6
Sections 567 to 570 of CAA 2001 (sales treated as being for alternative amount) are not to have effect in relation to that sale.