Schedule 3Transfer schemes
Creation and apportionment of property, rights or liabilities
3
(1)
A scheme may—
(a)
create for the transferor interests in or rights over property transferred by virtue of the scheme;
(b)
create for the transferee interests in or rights over property retained by the transferor;
(c)
create rights or liabilities between the transferor and the transferee.
(2)
In this Schedule, any reference—
(a)
to the transfer of interests, rights or liabilities by virtue of a scheme, or
(b)
to any interests, rights or liabilities transferred by virtue of a scheme,
includes a reference to the creation of interests, rights or liabilities, or to interests, rights or liabilities created, by virtue of sub-paragraph (1).
(3)
A scheme may make incidental provision as to the interests, rights and liabilities of persons other than the transferor and the transferee with respect to the subject matter of the scheme.