Capital Gains Tax Act 1979 (repealed 6.3.1992)
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Change 1
126B Section 126 relief: gifts to foreign-controlled companies.
(1) Section 126(3) above shall not apply where the transferee is a company which is within subsection (2) below. (2) A company is within this subsection if it is controlled by a person who, or by persons each of whom,— (a) is neither resident nor ordinarily resident in the United Kingdom, and (b) is connected with the person making the disposal. (3) For the purposes of subsection (2) above, a person who (either alone or with others) controls a company by virtue of holding assets relating to that or any other company and who is resident or ordinarily resident in the United Kingdom shall be regarded as neither resident nor ordinarily resident there if— (a) he is regarded for the purposes of any double taxation arrangements having effect by virtue of section 788 of the Taxes Act 1988 as resident in a territory outside the United Kingdom, and (b) by virtue of the arrangements he would not be liable in the United Kingdom to tax on a gain arising on a disposal of the assets.
126B Section 126 relief: gifts to foreign-controlled companies.
(1) Section 126(3) above shall not apply where the transferee is a company which is within subsection (2) below. (2) A company is within this subsection if it is controlled by a person who, or by persons each of whom,— (a) is neither resident nor ordinarily resident in the United Kingdom, and (b) is connected with the person making the disposal. (3) For the purposes of subsection (2) above, a person who (either alone or with others) controls a company by virtue of holding assets relating to that or any other company and who is resident or ordinarily resident in the United Kingdom shall be regarded as neither resident nor ordinarily resident there if— (a) he is regarded for the purposes of any double taxation arrangements having effect by virtue of section 788 of the Taxes Act 1988 as resident in a territory outside the United Kingdom, and (b) by virtue of the arrangements he would not be liable in the United Kingdom to tax on a gain arising on a disposal of the assets.
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