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Section 342A Disposals by Housing Corporation and and certain housing associations.F1C2

United Kingdom

C1(1)

In any case where—

(a)

the Housing Corporation F2 . . . dispose of any land to a registered housing association, or

(b)

a registered housing association disposes of any land to another registerd housing association, or

(c)

in pursuance of a direction of the Housing Corporation . . . given under F3Part I of the Housing Associations Act 1985 requiring it to do so, a registered housing association disposes of any of its property, other than land, to another registered housing association, or

(d)

a registered housing association or an unregistered self build society disposes of any land to the Housing Corporation . . .,

both parties to the disposal shall be treated for the purposes of corporation tax in respect of chargeable gains or, as the case may require, capital gains tax as if the land or property disposed of were acquired from the Housing Corporation . . ., registered housing association or unregistered self-build society 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 the Corporation or, as the case may be, the association or society.

(F41A)

Subsection (1) above 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.

(F51B)

Subsection (1) above 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.

(2)

In this section “registered housing association” and “unregistered self-build society” have the same meaning as in the Housing Associations Act 1985.

Annotations

Textual amendments

F1

S. 342A inserted by Housing Act 1974 (c. 44), s. 11 from September 18th 1974 (S.I. 1974 No. 1562 (C. 28)).

F2

S. 342A: words repealed (retrospective to 1.12.1988) by Finance Act 1991 (c. 31, SIF 63:1,2), ss. 95(1)(6), 123, Sch. 19Part VI, Note I

F3

Words substituted by Housing (Consequential Provisions) Act 1985 (c. 71), s. 4, Sch. 2 para. 18(5) with effect from April 1st 1986.

F4

S. 342A(1A) inserted (retrospective to 1.12.1988 by Finance Act 1991 (c. 31, SIF 63:1), s. 95(5)(6)

F5

S. 342A(1B) inserted (retrospective to 1.12.1988) by Finance Act 1991 (c. 31, SIF 63:1), s. 96(2)(3)

Modifications

C1

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.

C2

See Finance Act 1988 (c. 39, SIF 63:1, 2), Sch. 8 para. 1— capital gains tax rebasing to 1982.

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