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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Transfer of the Northern Ireland Water Service (Tax) Regulations 2007 No. 766 URL: https://www.bailii.org/uk/legis/num_reg/2007/20070766.html |
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Made | 8th March 2007 | ||
Laid before the House of Commons | 9th March 2007 | ||
Coming into force | 1st April 2007 |
Capital allowances: transfer of plant or machinery
3.
—(1) This regulation applies where—
(2) Where this regulation applies, the Secretary of State may determine the amount which is to be taken for the purposes of Part 2 of CAA to be the amount of capital expenditure incurred by the successor company on the provision of plant or machinery.
(3) A determination referred to in paragraph (2) may only be made with the consent of the Treasury.
(4) Expressions used in this regulation and in Part 2 of CAA have the same meanings in this regulation as in that Part.
Capital allowances: determination of capital value of industrial buildings etc.
4.
—(1) This regulation applies where there is a relevant transfer of a relevant interest in an industrial building or structure.
(2) Where this regulation applies the Secretary of State may determine —
(3) A determination referred to in paragraph (2) may only be made with the consent of the Treasury.
(4) Expressions used in this regulation and in Part 3 of CAA have the same meanings in this regulation as in that Part.
Amendment of company tax return following determination by Secretary of State
5.
—(1) Where the Secretary of State makes a determination in accordance with regulations 3(2) or 4(2) the successor company—
(2) Where a company does not make an amended return in accordance with sub-paragraph (b), an officer of Revenue and Customs may make an assessment or determination—
whichever is the later.
Chargeable gains: transfer values
6.
Where there is a relevant transfer, to the extent that section 171 of TCGA would otherwise apply to the transfer, that section shall not apply.
Chargeable gains: degrouping charges
7.
—(1) This regulation applies if the successor company acquires an asset from the transferor by way of a relevant transfer at a time when both are members of the same group of companies.
(2) Where paragraph (1) applies the successor company shall not be treated as having acquired the asset from the transferor for the purposes of section 179 of TCGA (company ceasing to be member of group).
(3) Expressions used in this regulation and in section 179 of TCGA have the same meanings in this regulation as in that section.
Ownership of successor company: issue of securities
8.
Any security (other than a share) issued by the successor company or its wholly owned subsidiary pursuant to Article 271 of the Water and Sewerage Services (Northern Ireland) Order 2006[7] shall be treated for the purposes of the Corporation Tax Acts as if it had been issued for new consideration, such new consideration being equal to the principal sum payable under the security.
Modification of transfer schemes
9.
—(1) Where a transfer scheme is treated as modified under, or by an order made under paragraph 3 of Schedule 11 to the Water and Sewerage Services (Northern Ireland) Order 2006 the successor company—
(2) Where a company does not make an amended return in accordance with sub-paragraph (b), an officer of Revenue and Customs may make an assessment or determination—
whichever is the later.
Frank Roy
Claire Ward
Two of the Lords Commissioners of Her Majesty's Treasury
8th March 2007
[4] S.1. 2006/3336 (N.I. 21).back
[5] S.I. 1986/1092 (N.I.6).back
[7] S.1. 2006/3336 (N.I. 21).back
© Crown copyright 2007