Finance Act 1982

147 Transfer of assets of British Gas Corporation

(1) In this section—

• " the Corporation " means the British Gas Corporation; and

• " 75 per cent, subsidiary " has the meaning given by section 532(1)(b) of the Taxes Act.

(2) If, in pursuance of a scheme made under section 10(2) of the [1982 c. 23.] Oil and Gas (Enterprise) Act 1982, any of the assets of the Corporation or of a 75 per cent, subsidiary of the Corporation are transferred to another 75 per cent, subsidiary of the Corporation, neither—

(a) section 278 of the Taxes Act (deemed disposals of assets for capital gains tax where member leaves group), nor

(b) section 21 of the Development Land Tax Act 1976 (deemed disposals of assets for development land tax where member leaves group),

shall have effect as respects any of the assets so transferred on that other subsidiary's ceasing to be a 75 per cent, subsidiary of the Corporation.

(3) If, for the purpose of enabling the Corporation to comply with a direction given under section 7(2) of the [1972 c. 60.] Gas Act 1972 requiring any asset to be disposed of, the asset to which the direction relates is transferred to a 75 per cent, subsidiary of the Corporation, neither section 278 of the Taxes Act nor section 21 of the Development Land Tax Act 1976 shall have effect as respects any of the assets of that subsidiary on the subsidiary's ceasing to be a 75 per cent, subsidiary of the Corporation.