Paragraph 23

United Kingdom

(1)

F1Chapter 2 of Part 19 of the Corporation Tax Act 2010 (sale and lease-back: taxation of consideration) F2, and Chapter 2 of Part 12A of the Income Tax Act 2007 (which makes corresponding provision), shall not apply where—

(a)

the assignment of the original lease, and

(b)

the grant or assignment of the new lease,

each fall within sub-paragraph (2).

(2)

The assignment of the original lease, or the grant or assignment of the new lease, falls within this sub-paragraph if—

(a)

it is a relevant transfer; or

(b)

it takes place between the BBC and a successor company at a time when the successor company remains a wholly-owned subsidiary of the BBC; or

(c)

it takes place between two successor companies at a time when both remain wholly-owned subsidiaries of the BBC.

(3)

The reference in sub-paragraph (1) to the assignment of the original lease and the grant or assignment of the new lease shall be construed in accordance with F3Chapter 2 of Part 19 of the Corporation Tax Act 2010 F4, or section 681BA of the Income Tax Act 2007, and sub-paragraph (2) shall be construed accordingly.

Annotations

Textual amendments

F1: Words in Sch. 7 para. 23(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 294(8) (with Sch. 2)
F2: Words in Sch. 7 para. 23(1) inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 246(4) (with Sch. 9 paras. 1-9, 22)
F3: Words in Sch. 7 para. 23(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 294(9) (with Sch. 2)
F4: Words in Sch. 7 para. 23(3) inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 246(5) (with Sch. 9 paras. 1-9, 22)