Part 3

Income tax, corporation tax and capital gains tax
Chapter 2

Other provisions

Chargeable gains

Reallocation within group of gain or loss accruing under section 179
42
1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
In Schedule 7B to that Act (modification of Act in relation to overseas life insurance companies), immediately before paragraph 8 insert—
7A
In section 179A(12), the words “section 11(2)(b), (c) or (d) of the Taxes Act” shall be treated as substituted for “section 10(3)".
.
3
In section 97(1) of the Inheritance Tax Act 1984 (c. 51)
(transfers within group, etc)—
a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
in paragraph (aa) for “the deemed transfer” substitute “ the election ”.
4
This section applies—
a
in relation to a case where a company is treated by virtue of section 179(3) of the Taxation of Chargeable Gains Act 1992 (c. 12) as having sold and immediately reacquired an asset, where the company’s ceasing to be a member of the group in question happens on or after 1st April 2002;
b
in relation to a case where a company is so treated by virtue of section 179(6) of that Act, where the relevant time (within the meaning of that subsection) is on or after that date.
S. 42(3)(a) repealed (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 8(b)
S. 42(1) repealed (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 8(b)