Modifications etc. (not altering text)
C1Pt. 8 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 6(1)
C2Pt. 8 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)
C3Pt. 8 modified (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 2 para. 6(1); S.I. 2011/2329, art. 3
C4Pt. 8 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 1(3); S.I. 2012/628, art. 3(b)
C5Pt. 8 modified (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 3(1); S.I. 2011/2576, art. 5
C6Pt. 8 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)
C7Pt. 8 modified (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 35, 45 (with Sch. 5 para. 36)
(1)This section sets out the consequences of a transfer of an asset being “tax-neutral” for the purposes of this Part.
(2)The transfer is treated for those purposes as not involving—
(a)any realisation of the asset by the transferor, or
(b)any acquisition of the asset by the transferee.
(3)The transferee is treated for those purposes—
(a)as having held the asset at all times when it was held by the transferor, and
(b)as having done all such things in relation to the asset as were done by the transferor.
(4)In particular—
(a)the original cost of the asset in the hands of the transferor is treated as the original cost in the hands of the transferee, and
(b)all such credits and debits in relation to the asset as have been brought into account for tax purposes by the transferor under this Part are treated as if they had been brought into account by the transferee.
(5)The references in subsection (4)(a) to the cost of the asset are to the cost recognised for tax purposes.