Part VI Companies, oil, insurance etc.

Chapter IV Miscellaneous cases

The F17Regulator of Social Housing,F6the Secretary of State and housing associations

Annotations:
Amendments (Textual)
F17

Words in s. 218 cross-heading substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 17(5); S.I. 2010/862, art. 2 (with Sch.)

F6

Words in s. 218 cross-heading substituted (1.11.1998) by Government of Wales Act 1998 (c. 38), ss. 140, 158(1), Sch. 16 para. 80; S.I. 1998/2244, art. 5

C1218 Disposals of land between the F3Regulator of Social Housing,F11the Secretary of State or Scottish Homes and housing associations.

1

Where—

a

in accordance with a scheme approved under section 5 of the M1Housing Act 1964 or paragraph 5 of Schedule 7 to the M2Housing Associations Act 1985F10, or in accordance with a requirement imposed under section 253 of the Housing and Regeneration Act 2008,, F2the Regulator of Social Housing acquires from a housing association the association’s interest in all the land held by the association for carrying out its objects, or

b

after F2the Regulator of Social Housing has so acquired from a housing association all the land so held by it F4the Regulator disposes to a single housing association of the whole of that land (except any part previously disposed of or agreed to be disposed of otherwise than to a housing association), together with all related assets,

then both parties to the disposal of the land to or, as the case may be, by F2the Regulator of Social Housing shall be treated for the purposes of corporation tax in respect of chargeable gains as if the land and any related assets disposed of therewith (and each part of that land and those assets) were acquired from the party making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss accrued to that party.

2

In subsection (1) above, “housing association” has the same meaning as in the M3Housing Associations Act 1985, and “related assets” means, in relation to an acquisition of land by F2the Regulator of Social Housing, assets acquired by F4the Regulator in accordance with the same scheme as that land, and in relation to a disposal of land by F2the Regulator of Social Housing, assets held by F4the Regulator for the purposes of the same scheme as that land.

3

This section shall also have effect with the substitution of the words F16“the Secretary of State” for the words “F2the Regulator of Social Housing” and “F4the Regulator” in each place where they occur.

4

This section shall also have effect with the substitution of the words “ Scottish Homes ” for the words “F2the Regulator of Social Housing” and “F4the Regulator” in each place where they occur.

C2F14219F5Disposals by housing related bodies.

1

In any case where—

a

F25a housing regulatorF13or the Homes and Communities Agency disposes of any land to a F7relevant housing provider, or

b

a F7relevant housing provider disposes of any land to another F7relevant housing provider, or

c

in pursuance of a direction of F9a housing regulator given under F19section 167 of the Housing and Regeneration Act 2008F20, section 106 of the Housing (Scotland) Act 2010, Part I of the Housing Act 1996 or Part I of the Housing Associations Act 1985 (as the case may be) requiring it to do so, a F7relevant housing provider disposes of any of its property, other than land, to another F7relevant housing provider, or

d

a F7relevant housing provider or an unregistered self-build society disposes of any land to F22a housing regulatorF1, the Homes and Communities Agency or the Greater London Authority,

both parties to the disposal shall be treated for the purposes of tax on chargeable gains as if the land or property disposed of were acquired from F23the housing regulatorF15, the Homes and Communities Agency, F7relevant housing provider or unregistered self-build society making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss accrued to F23the housing regulatorF18, the Homes and Communities Agency or, as the case may be, that F7relevant housing provider or society.

2

In this section—

  • F21“housing regulator” means the Regulator of Social HousingF26, the Scottish Housing Regulator, F12the Secretary of State or Scottish Homes;

  • F24“relevant housing provider” means—

    1. a

      a non-profit registered provider of social housing,

    2. b

      a registered social landlord within the meaning of Part 1 of the Housing Act 1996, or

    3. c

      a body registered in the register maintained under F8section 20(1) of the Housing (Scotland) Act 2010.

  • “unregistered self-build society” has the same meaning as in the Housing Associations Act 1985.

220 Disposals by Northern Ireland housing associations.

1

In any case where—

a

a registered Northern Ireland housing association disposes of any land to another such association, or

b

in pursuance of a direction of the Department of the Environment for Northern Ireland given under Chapter II of Part VII of the M4Housing (Northern Ireland) Order 1981 requiring it to do so, a registered Northern Ireland housing association disposes of any of its property, other than land, to another such association,

both parties to the disposal shall be treated for the purposes of tax on chargeable gains as if the land or property disposed of were acquired from the association making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss accrued to that association.

2

In subsection (1) above “registered Northern Ireland housing association” means a registered housing association within the meaning of Part VII of the Order referred to in paragraph (b) of that subsection.