Section 342 Disposals of land between the Housing Corporation . . . and housing associations.F3F4C3C1C2
United Kingdom
F1(1)Where—
in accordance with a scheme approved under section 5 of the M1Housing Act 1964 F2or paragraph 5 of Schedule 7 to the Housing Associations Act 1985 the Housing Corporation . . . acquires from a housing association the association’s interest in all the land held by the association for carrying out its objects, or
after the Housing Corporation . . . has so acquired from a housing association all the land so held by it the Corporation disposes to a single housing association of the whole of that land (except any part previously disposed of or agreed to be disposed of otherwise than to a housing association), together with all related assets,
then both parties to the disposal of the land to or, as the case may be, by the Housing Corporation . . . shall be treated for the purposes of corporation tax in respect of chargeable gains as if the land and any related assets disposed of therewith (and each part of that land and those assets) were acquired from the party making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss accrued to that party.
(2)F5In subsection (1) above, “ housing association” has the same meaning as in the Housing Associations Act 1985, and “related assets” means, in relation to an acquisition of land by the Housing Corporation . . ., assets acquired by the Corporation in accordance with the same scheme as that land, and in relation to a disposal of land by the Housing Corporation . . ., assets held by the Corporation for the purposes of the same scheme as that land.
This section shall also have effect with the substitution of the words “Housing for Wales" for the words “the Housing Corporation" and “the Corporation", in each place where they occur.
This section shall also have effect with the substitution of the words “Scottish Homes" for the words “the Housing Corporation" and “the Corporation", in each place where they occur.
Annotations
Textual amendments
- F1
S. 342(1)(2): In s. 342 it is provided (retrospective to 1.12.1988) by Finance Act 1991 (c. 31, SIF 63:1), s. 95(2)(6) that the words from "Where" to "that party" shall become subsection (1) and the remaining words shall become subsection (2)
- F2
Words substituted by Housing (Consequential Provisions) Act 1985 (c. 71), s. 4, Sch. 2 para. 18(4)(a) with effect from April 1st 1986.
- F3
Words in s. 342 repealed (retrospective to 1.12.1988) by Finance Act 1991 (c. 31, SIF 63:1,2), ss. 95(1)(6), 123, Sch. 19Part VI, Note I
- F4
Words substituted by Housing (Consequential Provisions) Act 1985 (c. 71), s. 4, Sch. 2 para. 18(4) with effect from April 1st 1986.
- F5
Words in s. 342(2) substituted (retroprospective to 1.12.1988) by Finance Act 1991 (c. 31, SIF 63:1), s. 95(3)(6)
- F6
S.342(3) inserted (retrospective to 1.12.1988) by Finance Act 1991 (c. 31, SIF 63:1), s. 95(4)(6)
- F7
S. 342(4) inserted (retrospective to 1.12.1988) by Finance Act 1991 (c. 31, SIF 63:1), s. 96(1)(3)
Marginal citations
- M1
Modifications
- C1
See Finance Act 1974 (c. 30), s. 39(5), Sch. 5 para. 5, development gains.
- C2
See Finance Act 1988 (c. 39, SIF 63:1, 2), Sch. 8 para. 1, capital gains tax rebasing to 1982.
- C3
See Development Land Tax Act 1976 (c. 24), s. 26, exemption of certain housing associations from development land tax. The said Act of 1976 repealed by Finance Act 1985 (c. 54), ss. 93, 98(6), Sch. 27 Pt. X with effect from March 19th 1985.
Notes on the whole Act
Textual amendments
- F1
Act repealed (in relation to Tax for the year 1992/93 and subsequent years as mentioned in s. 289 of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290(3), Sch. 11 para. 24(1), Sch.12 (with savings in ss. 201(3), 290, Sch. 11 paras. 22, 26(2), 27), subject to applications, powers and amendments in the following enactments: Social Security Contributions and Benefits Act 1992 (c. 4), s. 16(1)(3), Sch. 2; Social Security (Consequential Provisions) Act 1992 (c. 6), s. 5, Sch. 3 Pt. II para. 15; Taxation of Chargeable Gains Act 1992 (c. 12), ss. 1(2), 209(3); Finance (No. 2) Act 1992, ss. 24, 49(2)(3)(a)(b)(4)(9), 77, Sch. 6 paras.4, 9, Sch. 17 paras. 6(3)(6), 7; S.I. 1992/58, arts. 9, 11(3),33, Sch. 2 para.1, S.I. 1992/1725, art. 107, Sch. 8 para.2; S.I. 1995/171, reg. 4(2)(a); S.I. 1995/1916, reg. 4; 1994 c. 9, s. 258, Sch. 26 Pt. V