Chargeable gainsE+W+S
2(1)This paragraph applies where—E+W+S
(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 [F1178 or 179 of the 1992 Act] (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 [F1170 of the 1992 Act]; and in construing this paragraph the provisions of section 511(2) of the 1988 Act and the corresponding earlier enactments shall be disregarded.
Textual Amendments
F1Words in Sch. 11 para. 2 substituted (6.3.1992 with effect for the year 1992-93 and subsequent years of assessment) by Taxation and Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 20(1)
[F22AE+W+SIn this Schedule “the 1992 Act” means the Taxation of Chargeable Gains Act 1992.]
Textual Amendments
F2Sch. 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)