(1)Subject to subsection (2) below, the successor company shall be treated for the purposes of the Corporation Tax Acts as if it were the same person as the Corporation and the Board.
(2)Notwithstanding subsection (1) above, section [F18 of the Taxation of Chargeable Gains Act 1992] (computation of chargeable gains) shall apply to the successor company without regard to any allowable losses of the Corporation or the Board.
(3)Any share issued by the successor company in pursuance of section 3 above shall be treated for the purposes of the Corporation Tax Acts as if it had been issued wholly in consideration of a subscription paid to that company of an amount equal to the nominal value of the share.
(4)Any debenture issued by the successor company in pursuance of that section shall be treated for the purposes of those Acts as if it had been issued—
(a)wholly in consideration of a loan made to that company of an amount equal to the principal sum payable under the debenture; and
(b)wholly and exclusively for the purposes of the trade carried on by that company.
Textual Amendments
F1Words in s. 12(2) substituted (6.3.1992 with effect as mentioned in s. 289 of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 10, para.25 (with ss. 60, 101(1), 171 and 201(3))
Commencement Information
I1S. 12 wholly in force at 6.1.1992 see ss. 1(1), 18(2) and S.I. 1991/2721, art. 2
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2S. 13 repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 16 Group 2
(1)Any power of the Secretary of State to make an order under this Act shall be exercisable by statutory instrument.
(2)Any statutory instrument containing an order made by the Secretary of State under section F3... 17(1) below shall be subject to annulment in pursuance of a resolution of either House of Parliament.
Textual Amendments
F3Words in s. 14(2) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 16 Group 2
Any administrative expenses incurred by the Secretary of State or the Treasury in consequence of the provisions of this Act shall be paid out of money provided by Parliament.
Commencement Information
I2S. 15 wholly in force at 6.1.1992 see ss. 1(1), 18(2) and S.I. 1991/2721, art.2
(1)In this Act—
“the appointed day” means the day appointed under section 1(1) above;
“the Board” means the National Enterprise Board;
“the Corporation” means the National Research Development Corporation;
“debenture” includes debenture stock;
“financial year”, in relation to the Corporation, means a year ending on 31st March and, in relation to the Board, means the accounting year as defined in section 37(1) of the M1Industry Act 1975;
“securities”, in relation to a company, includes shares, debentures, bonds and other securities of the company, whether or not constituting a charge on the assets of the company;
“” includes stock;
“the successor company” means the company nominated for the purposes of section 1 above;
“the transitional period” has the meaning given by section 11(1) above.
(2)A company shall be regarded for the purposes of this Act as wholly owned by the Crown at any time when each of the issued shares of the company is held by, or by a nominee of, the Treasury or the Secretary of State.
Commencement Information
I3S. 16 partly in force at Royal Assent; s. 16(1) in force see s. 18(3); s. 16 wholly in force at 6.1.1992 see ss. 1(1), 18(2) and S.I. 1991/2721, art. 2
Marginal Citations
(1)The Secretary of State may by order make—
(a)such consequential modifications of any provision contained in any Act (whether public general or local) passed, or subordinate legislation made, before the appointed day as appear to him to be necessary or expedient in connection with any reference in that Act or subordinate legislation to the Corporation or the Board;
(b)such transitional or saving provision as appears to him to be necessary or expedient in connection with the coming into force of any provision of this Act;
and any provision of an order made under this subsection after the appointed day may be made so as to have effect as from that or any later day.
(2)The enactments mentioned in Schedule 2 to this Act (which include certain spent enactments) are hereby repealed to the extent specified in the third column of that Schedule.
(3)The transitional provisions and savings contained in Schedule 3 to this Act shall have effect.
Modifications etc. (not altering text)
C1S. 17(2) excluded (with effect as from 6.1.1992) by S.I. 1992/8, arts.3, 4
Commencement Information
I4S. 17 wholly in force at 6.1.1992 see ss. 1(1), 18(2) and S.I. 1991/2721, art.2
(1)This Act may be cited as the British Technology Group Act 1991.
(2)Subject to subsections (3) and (4) below, this Act shall come into force on the appointed day.
(3)Sections 1, 2, 7, 14, 16(1), this section and paragraph 1 of Schedule 1 shall come into force at the passing of this Act.
(4)Parts II and III of Schedule 2 shall come into force on the dissolution of the Corporation or, as the case may be, the Board.
(5)Except for sections 3 to 6, 8 to 10 and 13, this Act extends to Northern Ireland.