SCHEDULES
SCHEDULE 2 Provisions relating to carrying out of approved scheme of reorganisation
C1Part I Taxation provisions
Chargeable gains
5
1
This paragraph applies where—
a
by virtue of a qualifying transfer a company would, but for paragraph 1, 2 or 3 above, cease to be a member of a group of which a milk marketing board is a member; and
b
assets have been acquired by that company from that board or from any other member of that group, other than one which, but for paragraph 1, 2 or 3 above, would have ceased to be a member of that group at the same time and which, both immediately before and immediately after the transfer, is a member of the same group as that company.
2
On the company ceasing to be a member of a group of which the body to which the qualifying transfer is made is a member, sections 178 and 179 of the M1Taxation of Chargeable Gains Act 1992 shall apply as if any assets acquired at any time as mentioned in sub-paragraph (1) above had been acquired by the company from that body at that time.
3
In this paragraph—
“group” has the meaning given by section 170 of the Taxation of Chargeable Gains Act 1992; and
“qualifying transfer” means a transfer under an approved scheme to a qualifying body of shares in a subsidiary of the board to which the scheme relates, being a transfer which takes place under section 11 above or in circumstances in which paragraph 3 above applies.
Sch. 2 Pt. I modified (retrospectively) by 1996 c. 8, s. 203(1)