# Finance Act 1990, Paragraph 2

Extent: E+W+S+N.I.

(1) For the purposes of the 108 of the Taxation of Chargeable Gains Act 1992 the transfer under the principal Act of any asset from the IBA to the Commission or the Radio Authority shall be deemed to be for a consideration such that no gain or loss accrues to the IBA; and Schedule 2 to that Act (assets held on 6th April 1965) shall have effect in relation to an asset so transferred as if the acquisition or provision of it by the IBA had been the acquisition or provision of it by the Commission or (as the case may be) by the Authority.
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) Where the benefit of any debt in relation to which the IBA are, for the purposes of section 251 of the 1992 Act (debts), the original creditor is transferred under the principal Act to the Commission or the Radio Authority, the Commission or (as the case may be) the Radio Authority shall be treated for those purposes as the original creditor in relation to the debt in place of the IBA.

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Source: https://www.legislation.gov.uk/ukpga/1990/29/schedule/12/paragraph/2 (the official version)
Page: https://openlegislation.uk/finance-act-1990/schedule-12/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.