Intangible fixed assetsU.K.
16(1)Schedule 29 (gains and losses of a company from intangible fixed assets) is amended as follows.U.K.
(2)In paragraph 55 (transfers within a group), after sub-paragraph (1) insert—
“(1A)Where this paragraph applies in relation to the transfer of an asset, Schedule 28AA to the Taxes Act 1988 (provision not at arm’s length) does not apply in relation to the transfer.”.
(3)In paragraph 92 (transfer between company and related party treated as being at market value) in sub-paragraph (3) (cases where consideration for transfer falls within Schedule 28AA without falling to be adjusted)—
(a)at the end of paragraph (a) insert “ , but ”,
(b)at the end of paragraph (b) omit “, and”,
(c)omit paragraph (c) (which refers to paragraph 5(2) of Schedule 28AA to the Taxes Act 1988).