Section 98 Transfer of company’s assets to unit trust which later comes within section 96 or 97.

Where section 267 of F1the Taxes Act 1970 (roll-over for assets transferred on company reconstruction or amalgamation) has applied on the transfer of a company’s business (in whole or in part) to a unit trust scheme F2or a company which at the time of the transfer was not such a unit trust scheme or investment trust as is mentioned in subsection (3) of that section, then if—

the unit trust scheme or company shall be treated for all the purposes of this Act as if immediately after the transfer it had sold, and immediately re-acquired, the assets referred to in paragraph (b) above at their market value at that time.

Notwithstanding any limitation on the time for making assessments, an assessment to corporation tax chargeable in consequence of subsection (1) above may be made at any time within six years after the end of the year of assessment F3or accounting period referred to in subsection (1) above, and where under this section a unit trust scheme or company is to be treated as having disposed of, and re-acquired, an asset of a business, all such recomputations of liability in respect of other disposals and all such adjustments of tax, whether by way of assessment or by way of discharge or repayment of tax, as may be required in consequence of the provisions of this section shall be carried out.