Section 12 Corporation tax and development land tax.

United Kingdom

(1)

Subject to subsection (2) below, the successor company shall be treated for all purposes of corporation tax and development land tax as if it were the same person as British Aerospace.

(2)

The successor company shall not by virtue of subsection (1) above be regarded as a body falling within section F1170(12) of the M1Taxation of Chargeable Gains Act 1992 (bodies established for carrying on industries or undertakings under national ownership or control).

Annotations

Textual amendments

F1: Words in s. 12(2) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para.4

Marginal citations

M1: 1992 c. 12