SCHEDULES
SCHEDULE 24

Provisions relating to the Railways Act 1993

Modifications of restructuring scheme
25
1
Subject to sub-paragraph (2) below, where the effect of a restructuring scheme is modified in pursuance of an agreement or direction under paragraph 2 or 3 of Schedule 8 to the Railways Act 1993, the Corporation Tax Acts and this Schedule shall have effect as if—
a
the scheme originally made had been the scheme as modified; and
b
anything done by or in relation to the preceding holder had, so far as relating to the property, rights or liabilities affected by the modification, been done by or in relation to the subsequent holder.
2
A disposal of an asset—
a
which is effected in pursuance of an agreement or direction under paragraph 2 of Schedule 8 to the Railways Act 1993, and
b
which is either the grant of a lease of land or the creation of other liabilities and rights over land,
shall be taken for the purposes of corporation tax on chargeable gains, in relation to the person to whom the disposal is made as well as the person making the disposal, to be effected for a consideration such that no gain or loss accrues to the person making the disposal.
3
Section 171(1) of the Gains Act (transfers within a group) shall not apply where the disposal in question falls within sub-paragraph (2) above.
4
Any reference in sub-paragraph (1) or (2) above to an agreement or direction under paragraph 2 or 3 of Schedule 8 to the Railways Act 1993 includes a reference to such an agreement or direction as varied in accordance with a direction given by the Secretary of State under paragraph 14(2) of that Schedule.
5
For the purposes of sub-paragraph (1)(b) above—
- “the preceding holder” means the person who without the modification in question—
  1. became, by virtue of the restructuring scheme in question, entitled or subject to the property, rights or liabilities affected by the modification, or
  2. remained, notwithstanding the restructuring scheme in question, entitled or subject to the property, rights or liabilities affected by the modification,
as the case may be;
- “the subsequent holder” means the person who, in consequence of the modification in question, becomes, or resumes being, entitled or subject to the property, rights or liabilities affected by the modification.
1993 c. 43.
1993 c. 43.
1993 c. 43.