Finance Act 1982

146 Transfer of assets of British National Oil Corporation

(1) In this section—

• " the Corporation " means the British National Oil Corporation ;

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

• " the subsidiary " means a 75 per cent, subsidiary of the Corporation to which any of the Corporation's assets or any of the assets of any other 75 per cent, subsidiary of the Corporation are transferred in pursuance of a scheme made under section 2(2) of the [1982 c. 23.] Oil and Gas (Enterprise) Act 1982 ; and

• " transferred assets " means any of the assets so transferred

(2) Section 278 of the Taxes Act (deemed disposals of assets for capital gains tax where member leaves group) and section 21 of the [1976 c. 24.] Development Land Tax Act 1976 (deemed disposals of assets for development land tax where member leaves group) shall not have effect as respects any of the transferred assets on the subsidiary's ceasing on or after 6th April 1982 to be a 75 per cent, subsidiary of the Corporation.