3(1)Where—
(a)a held over gain would, but for the provisions of section 117 of the [1979 c. 14.] Capital Gains Tax Act 1979, have been carried forward to a depreciating asset; and
(b)that asset is transferred by this Act to a successor company.
that section shall have effect as if the gain had accrued to. and the claim for it to be held over had been made by, that company.
(2)In this paragraph expressions which are used in the said section 117 have the same meanings as in that section.