Supplementary
Section 10: Tax consequences
38.Subsection (1) gives the Treasury power to make regulations varying the way in which relevant taxes apply in consequence of orders under sections 3, 4, 6 and 8 (orders transferring securities, property, rights or liabilities or extinguishing rights).
39.Subsection (2) sets out the type of provision that may be made by the regulations.
40.Subsection (3) defines certain terms used in the section. In particular it defines a “relevant tax” as corporation tax, income tax, capital gains tax, stamp duty, stamp duty reserve tax and stamp duty land tax.
41.The purpose of this section is give the Treasury the flexibility to minimise or otherwise deal with the tax consequences of transfers made under such orders.