Schedules

Schedule 3Transfer schemes

Creation and apportionment of property, rights or liabilities

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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.