{
  "url": "https://openlegislation.uk/housing-and-regeneration-transfer-schemes-tax-consequences-regulations-2015/note",
  "json_url": "https://openlegislation.uk/housing-and-regeneration-transfer-schemes-tax-consequences-regulations-2015/note.json",
  "legislation": "uksi/2015/1540",
  "legislation_title": "The Housing and Regeneration Transfer Schemes (Tax Consequences) Regulations 2015",
  "legislation_url": "https://openlegislation.uk/housing-and-regeneration-transfer-schemes-tax-consequences-regulations-2015",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations provide for the tax consequences of certain transfers in accordance with transfer schemes under section 333DA of the Greater London Authority Act 1999 (c. 29) and under section 53A of the Housing and Regeneration Act 2008 (c. 17). The schemes permit the transfer of designated property, rights or liabilities of specified public bodies respectively to the Greater London Authority (or a company or a body through which it exercises functions in relation to housing or regeneration) and to the Homes and Communities Agency.\nRegulation 1 provides for citation and commencement and regulation 2 for interpretation.\nRegulation 3 provides that the Regulations apply to transfers from one taxable public body to another.\nRegulation 4 provides for the tax consequences of transfers of trading stock. The regulation ensures that the transfer is treated as made for a consideration which in relation to the transferor would have resulted in neither a profit nor a loss being brought into account.\nRegulation 5 provides for the tax treatment of transferred assets which are not trading stock of the transferor but will be trading stock of the transferee. The regulation ensures that the trading stock is treated for corporation tax purposes, as acquired by the transferee for such a consideration such that no gain or loss accrues to the transferor.\nRegulation 6 provides that, for the purposes of the Taxation of Chargeable Gains Act 1992 (c. 2), a disposal constituted by a transfer is treated as made for a consideration such that no gain or loss accrues to the transferor.\nRegulation 7 provides for the determination of the disposal value of plant or machinery for the purposes of capital allowances.\nRegulation 8 provides for the determination of the disposal value of fixtures for the purposes of capital allowances.\nA Tax Information and Impact Note covering this instrument will be published on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2015/1540/note",
    "retrieved_at": "2026-10-28T23:33:38.712235+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."
}