- Latest available (Revised)
- Original (As made)
The London Legacy Development Corporation (Tax Consequences) Regulations 2012
You are here:
- UK Statutory Instruments
- 2012 No. 701
- Explanatory Note
What Version
Opening Options
More Resources
Status:
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations deal with tax consequences of transfers of property, rights and liabilities from the Olympic Park Legacy Company Limited (“OPLC”) to the London Legacy Development Corporation (“LLDC”) made under the London Legacy Development Corporation and the Olympic Park Legacy Company Transfer Scheme 2012 (“the OPLC Scheme”). They also deal with tax consequences of transfers of trading stock from the London Thames Gateway Development Corporation (“LTGDC”) to LLDC under the London Legacy Development Corporation and the London Thames Gateway Development Corporation (No. 1) Transfer Scheme 2012 (“the LTGDC Scheme”).
Regulation 1 provides for citation and commencement.
Regulation 2 provides for interpretation.
Regulation 3 covers transfers from OPLC to LLDC under the OPLC Scheme. Paragraph (2) treats OPLC and LLDC as the same person for income tax and corporation tax purposes and allows generally for the transfers to be disregarded for such purposes. Paragraph (3) provides, for the specific purpose of Part 8 of the Corporation Tax Act 2009 (c. 4), that the transfers do not involve the realisation of an asset by OPLC or the acquisition of an asset by LLDC. Paragraph (4) provides that no change in ownership of a company results following a transfer for the purposes of Part 14 of the Corporation Tax Act 2010 (c. 4). Paragraph (5) provides that no liability to stamp duty land tax arises from the transfers.
Regulation 4 covers transfers from LTGDC to LLDC under the LTGDC Scheme. It does this by treating the disposal of LTGDC’s trading stock as having taken place in the course of its trade, and treating that disposal and the acquisition of LTGDC’s trading stock by LLDC as being at the time of the transfers and at a value which results in neither a profit nor a loss being brought into account.
A Tax Information and Impact Note covering these Regulations will be published on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm.
Options/Help
Print Options
PrintThe Whole Instrument
PrintThis Explanatory Note only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.