Broadcasting Act 1996

No chargeable gain or allowable loss to arise on any disposal constituted by a direct disposal transfer U.K.

8 (1) For the purposes of corporation tax on chargeable gains, neither a chargeable gain nor an allowable loss shall be regarded as arising to the BBC on any disposal constituted by a direct disposal transfer. U.K.

(2) If the consideration for a direct disposal transfer consists of or includes a right to any variable deferred consideration, then, for the purposes of corporation tax on chargeable gains, neither a chargeable gain nor an allowable loss shall be regarded as arising to the BBC on the disposal of the right to the variable deferred consideration.

(3) In this paragraph “variable deferred consideration”, in the case of any direct disposal transfer, means any consideration—

(a) which is not to be given until after the direct disposal transfer; and

(b) whose amount or value, as at the time when it is to be given, is not ascertainable at the time of the disposal constituted by that transfer.