SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 2Other enactments

Taxation of Chargeable Gains Act 1992 (c. 12)

366

1

Amend section 116 (reorganisations, conversions and reconstructions) as follows.

2

In subsection (8A)—

a

in the first sentence, for “Chapter II of Part IV of the Finance Act 1996” and “that Chapter” substitute “ Part 5 of CTA 2009 ” and “ that Part ” respectively, and

b

in the second sentence for the words from “transaction” to the end substitute “ relevant loan relationship transaction ”.

3

After subsection (8A) insert—

8AA

In subsection (8A) “relevant loan relationship transaction” means a transaction to which any of the following provisions applies—

  • section 342 of CTA 2009 (continuity of treatment on transfers within groups or reorganisations: issues of new securities on reorganisations: disposal at notional carrying value),

  • section 343 of that Act (continuity of treatment on transfers within groups or reorganisations: receiving company using fair value accounting),

  • section 424 of that Act (European cross-border transfers of business: reorganisations involving loan relationships),

  • section 425 of that Act (European cross-border transfers of business: original holder using fair value accounting),

  • section 435 of that Act (European cross-border mergers: reorganisations involving loan relationships),

  • section 436 of that Act (European cross-border mergers: original holder using fair value accounting).

4

In subsection (16) for “section 80(5) of the Finance Act 1996” and “Chapter II of Part IV” substitute “ section 464(1) of CTA 2009 ” and “ Part 5 ” respectively.