Localism Act 2011

Chargeable gains: disposal on transfer to be treated as no gain/no loss disposal E+W+S+N.I.

6 (1) For the purposes of the Taxation of Chargeable Gains Act 1992, a disposal constituted by a transfer within sub-paragraph (2) is to be treated in relation to the transferor and transferee as made for a consideration such that no gain or loss accrues to the transferor. E+W+S+N.I.

(2) A transfer is within this sub-paragraph if—

(a) it is a transfer in accordance with a transfer scheme under section 190 of property, rights or liabilities of the Homes and Communities Agency and the transferee is a public body, or

(b) it is in accordance with a transfer scheme under section 191 and the transferee is a public body.

(3) In section 288(3A) of the Taxation of Chargeable Gains Act 1992 (meaning of the “no gain/no loss provisions”) at the end insert—

“(m) paragraph 6(1) of Schedule 24 to the Localism Act 2011.”

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Commencement Information

I1 Sch. 24 partly in force; Sch. 24 in force for specified purposes at Royal Assent see s. 240(5)(o)