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Link to original content: http://www.legislation.gov.uk/uksi/2006/964/regulation/69Z41/data.html
http://www.legislation.gov.uk/id/uksi/2006/964

F1PART 4APROPERTY AIFS

Annotations:
Amendments (Textual)

CHAPTER 7LEAVING THE PROPERTY AIF REGIME

Effects of cessation69Z41

1

The business of F (tax-exempt) shall be treated for the purposes of corporation tax as ceasing immediately before cessation.

2

Assets which immediately before cessation are involved in the business of F (tax-exempt) shall be treated for the purposes of corporation tax as being sold by F (tax-exempt) immediately before cessation and reacquired immediately after cessation by F (post-cessation).

3

For the purposes of corporation tax, on cessation one accounting period of F (residual) shall end and an accounting period of F (post-cessation) shall begin.

4

The sale and reacquisition deemed under paragraph (2) shall not have effect for the purposes of tax in respect of chargeable gains.

5

For the purposes of CAA 2001, the sale and re-acquisition deemed under paragraph (2)—

a

shall not give rise to allowances or charges, and

b

shall not make it possible to make an election under section 198 or 199 of that Act (apportionment).

6

For the purposes of CAA 2001, anything done by or to F (tax-exempt) before cessation in relation to an asset which is deemed under paragraph (2) to be sold and re-acquired shall be treated after cessation as having been done by or to F (post-cessation).