The London Legacy Development Corporation (Tax Consequences) Regulations 2012
Jurisdiction | UK Non-devolved |
Citation | SI 2012/701 |
Year | 2012 |
2012 No. 701
Corporation Tax
Income Tax
Stamp Duty Land Tax
The London Legacy Development Corporation (Tax Consequences) Regulations 2012
Made 6th March 2012
Laid before the House of Commons 7th March 2012
Coming into force 31th March 2012
The Treasury, in exercise of the powers conferred by Part 3 of Schedule 24 to the Localism Act 20111, make the following Regulations.
Citation and commencement
1. These Regulations may be cited as the London Legacy Development Corporation (Tax Consequences) Regulations 2012 and come into force on 31st March 2012.
Interpretation
2. In these Regulations—
“CTA 2009” means the Corporation Tax Act 20092;
“CTA 2010” means the Corporation Tax Act 20103;
“LLDC” means the London Legacy Development Corporation;
“LTGDC” means the London Thames Gateway Development Corporation;
“LTGDC relevant transfer” means a transfer of LTGDC’s trading stock from LTGDC to LLDC in relation to, in connection with, or by or under, the London Legacy Development Corporation and the London Thames Gateway Development Corporation (No. 1) Transfer Scheme 2012;
“OPLC” means the Olympic Park Legacy Company Limited, company registered number 06900359;
“OPLC relevant transfer” means a transfer of property, rights and liabilities from OPLC to LLDC, in relation to, in connection with, or by or under, the London Legacy Development Corporation and the Olympic Park Legacy Company Transfer Scheme 2012;
“trading stock” has the same meaning as in section 163 of CTA 2009.
Transfers from OPLC to LLDC
3.—(1) This regulation applies to an OPLC relevant transfer.
(2) For the purposes of any enactment about income tax or corporation tax—
(a)
(a) OPLC and LLDC are to be treated as the same person, and
(b)
(b) a relevant transfer is to be disregarded for those purposes.
(3) A relevant transfer is not to be regarded for the purposes of Part 8 of CTA 2009 (intangible fixed assets) as involving any realisation of an asset by OPLC or acquisition of an asset by LLDC.
(4) A relevant transfer is not to be regarded for the purposes of Part 14 of CTA 2010 (change in company ownership) as resulting in a change of ownership of a company.
(5) A relevant transfer does not give rise to any liability to stamp duty land tax.
Transfers from LTGDC to LLDC
4.—(1) This regulation applies to a LTGDC relevant...
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