2(1)This paragraph applies where—
(a)by virtue of a transfer of property, rights and liabilities effected by this Act to a successor company (in this paragraph referred to as “the transferee”), a company would, but for paragraph (1) above, cease to be a member of a group of which an existing body is a member; and
(b)assets have been acquired by that company from that body or from any other member of that group.
(2)On the company ceasing to be a member of a group of which the transferee is a member, section 278 of the M1Income and Corporation Taxes Act 1970 (company ceasing to be a member of a group) shall apply as if any assets acquired at any time as mentioned in sub-paragraph (1) above had been acquired by the company from the transferee at that time.
(3)In this paragraph “group” has the meaning given by section 272 of the Income and Corporation Taxes Act 1970; and in construing this paragraph the provisions of section 511(2) of the 1988 Act and the corresponding earlier enactments shall be disregarded.
Marginal Citations
Valid from 06/03/1992
[F12AE+W+SIn this Schedule “the 1992 Act” means the Taxation of Chargeable Gains Act 1992.]
Textual Amendments
F1Sch. 11 para. 2A added (6.3.1992 with effect for 1992-93 and subsequent years of assessment) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 20(1)