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The Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) Regulations 1999

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Restriction on set-off under regulation 14 where asset transferred after change of ownership of company

18.—(1) This regulation applies where–

(a)there is a change in the ownership of a company (“the relevant company”),

(b)after the change the relevant company acquires an asset from another company in circumstances such that section 171(1) of the Taxation of Chargeable Gains Act 1992(1) applies to the acquisition, and

(c)a chargeable gain accrues to the relevant company on the disposal of the asset within the period of three years beginning with the change of ownership.

(2) For the purposes of paragraph (1)(c) an asset acquired by the relevant company as mentioned in paragraph (1)(b) shall be treated as the same as an asset owned at a later time by that company if the value of the second asset is derived in whole or in part from the first asset, and in particular where the second asset is a freehold, and the first asset was a leasehold and the lessee has acquired the reversion.

(3) In relation to the accounting period in which the chargeable gain accrues to the relevant company (“the relevant period”), regulation 14 shall have effect as if the limit imposed by paragraph (4) of that regulation on the amount of unrelieved surplus ACT to be set against the relevant company’s liability to corporation tax were reduced by an amount equal to 20 per cent. of the amount of the chargeable gain.

(4) Paragraph (5) of regulation 16 shall apply for the purposes of this regulation as it applies for the purposes of that regulation.

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