SCHEDULES
SCHEDULE 7 Transfer schemes relating to BBC transmission network: taxation provisions
Corporation tax: no profit or loss under F2Part 3 of the Corporation Tax Act 2009 by reason of a direct disposal transfer
19
F1In determining for the purposes of Part 3 of the Corporation Tax Act 2009 the profits or losses of a trade or part of a trade carried on by the BBC wholly or partly in the United Kingdom, it is to be assumed that no profits or losses arise to the BBC by reason of a direct disposal transfer of—
a
any trading stock, within the meaning of F3section 163 of the Corporation Tax Act 2009, belonging to a trade carried on by the BBC;
b
any right of the BBC to receive an amount which is for the purposes of corporation tax—
i
an amount brought into account as a trading receipt of the BBC for any accounting period ending before the time when the transfer takes effect; or
ii
an amount falling to be so brought into account if it is assumed, where it is not the case, that the accounting period of the BBC current on the day before the transfer takes effect ends immediately before that time; or
c
the whole or any part of the amount of a liability which falls for the purposes of corporation tax—
i
to be brought into account as deductible in computing the profits of any trade carried on by the BBC for any accounting period ending before the time when the transfer takes effect; or
ii
to be so brought into account if it is assumed, where it is not the case, that the accounting period of the BBC current on the day before the transfer takes effect ends immediately before that time.
Words in Sch. 7 para. 19 cross-heading substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 294(4) (with Sch. 9 paras. 1-9, 22)