- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
34. Where the sale and reacquisition of an asset which are to be treated by virtue of subsection (3) or (3C) of section 278 of the 1970 Act(1) (including either of those subsections as it has effect by virtue of section 17(6) of the 1991 Act) as having taken place are a sale and reacquisition of relevant land or a relevant interest in land—
(a)the sale and reacquisition shall for the purposes of section 17 of the 1991 Act and this Order be treated as having taken place immediately before the company mentioned in the said subsection (3) or (3C) ceased to be a member of the group mentioned in the said section 278, at market value at that time (and not immediately after the acquisition of the asset, at market value at that time) and that time shall accordingly be the disposal date in relation to the disposal constituted by the sale; and
(b)in the event that the consideration for which that company acquired the land or interest has before the section 278 disposal fallen to be recomputed under article 35, the sum attributable to the land or interest under paragraph (a) of section 32(1) of the 1979 Act, as applied for the purposes of section 17 of the 1991 Act and this Order, shall be that consideration as last previously recomputed.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.