{
  "url": "https://openlegislation.uk/british-technology-group-act-1991/section-12",
  "json_url": "https://openlegislation.uk/british-technology-group-act-1991/section-12.json",
  "legislation": "ukpga/1991/66",
  "legislation_title": "British Technology Group Act 1991",
  "legislation_url": "https://openlegislation.uk/british-technology-group-act-1991",
  "path": "section/12",
  "kind": "section",
  "number": "12",
  "heading": "Corporation tax.",
  "text": "(1) Subject to subsection (2) below, the successor company shall be treated for the purposes of the Corporation Tax Acts as if it were the same person as the Corporation and the Board.\n(2) Notwithstanding subsection (1) above, section 8 of the Taxation of Chargeable Gains Act 1992 (computation of chargeable gains) shall apply to the successor company without regard to any allowable losses of the Corporation or the Board.\n(3) Any share issued by the successor company in pursuance of section 3 above shall be treated for the purposes of the Corporation Tax Acts as if it had been issued wholly in consideration of a subscription paid to that company of an amount equal to the nominal value of the share.\n(4) Any debenture issued by the successor company in pursuance of that section shall be treated for the purposes of those Acts as if it had been issued—\n(a) wholly in consideration of a loan made to that company of an amount equal to the principal sum payable under the debenture; and\n(b) wholly and exclusively for the purposes of the trade carried on by that company.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 12(2) substituted (6.3.1992 with effect as mentioned in s. 289 of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 10, para.25 (with ss. 60, 101(1), 171 and 201(3))"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "S. 12 wholly in force at 6.1.1992 see ss. 1(1), 18(2) and S.I. 1991/2721, art. 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1991/66/section/12",
    "retrieved_at": "2026-10-29T09:36:36.285315+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}