# Taxation of Chargeable Gains Act 1992, Paragraph 10


(1) Where in accordance with this Schedule a transfer of value by trustees is treated as linked with trustee borrowing, the trustees are treated for all purposes of this Act—
(a) as having at the material time disposed of, and
(b) as having immediately reacquired,
the whole or a proportion (see paragraph 11) of each of the chargeable assets that form part of the settled property immediately after the material time (“the remaining chargeable assets”).
(2) The deemed disposal and reacquisition shall be taken—
(a) to be for a consideration equal to the whole or, as the case may be, a proportion of the market value of each of those assets, and
(b) to be under a bargain at arm’s length.
(3) For the purposes of sub-paragraph (1) an asset is a chargeable asset if a gain on a disposal of the asset by the trustees at the material time would be a chargeable gain.

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/4B/paragraph/10 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-4B/paragraph-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.