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| Tax treatment of acquisition, disposal or revaluation of certain rights. |
86. Schedule 23 to this Act has effect with respect to the treatment of amounts relating to the acquisition, disposal or revaluation of-
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(a) licences granted under section 1 of the Wireless Telegraphy Act 1949 in accordance with regulations made under section 3 of the Wireless Telegraphy Act 1998 (bidding for licences), |
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(b) indefeasible rights to use a telecommunications cable system, or |
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(c) rights derived, directly or indirectly, from a right within paragraph (a) or (b). |
| Contributions to local enterprise agencies, etc. |
87. In sections 79(11) and 79A(7) of the Taxes Act 1988 (relief for contributions to local enterprise agencies, business links and similar organisations: time limits), the words "and before 1st April 2000" shall cease to have effect.
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| Waste disposal: entitlement of successor to allowances. |
88. In Chapter V of Part IV of the Taxes Act 1988 (provisions relating to the Schedule D charge: deductions), after section 91B (waste disposal: site preparation), insert-
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| "Waste disposal: entitlement of successor to allowances. |
91BA. - (1) This section applies where-
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(a) site preparation expenditure has been incurred in relation to a waste disposal site, |
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(b) that expenditure was incurred by a person in the course of carrying on a trade, and |
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(c) on or after 21st March 2000- |
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(i) that person ("the predecessor") ceases to carry on that trade, or ceases to carry it on so far as it relates to that site, and
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(ii) another person ("the successor") begins to carry on that trade, or to carry on in the course of a trade the activities formerly carried on by the predecessor in relation to that site.
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(2) If the conditions specified in the following provisions of this section are met, then, for the purposes of section 91B above-
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(a) the trade carried on by the successor shall be treated as the same trade as that carried on by the predecessor, and |
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(b) allowances shall be made to the successor (and not to the predecessor) as if everything done to or by the predecessor had been done to or by the successor. |
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(3) The first condition is that the whole of the site in question is transferred to the successor.
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Provided the successor holds an estate or interest in the whole of the site, it need not be the same as that held by the predecessor.
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(4) The second condition is that the successor, at the time he first deposits waste material at the site, holds a relevant licence in respect of the site which is then in force.
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(5) Expressions used in this section have the same meaning as in section 91B.".
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Capital gains tax: gifts and trusts |
| Restriction of gifts relief. |
89. - (1) In section 165(1) of the Taxation of Chargeable Gains Act 1992 (relief for gifts of business assets), in the closing words (which list the provisions restricting relief), for "sections 166 and 167" substitute "sections 166, 167 and 169".
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(2) In section 260(1) of that Act (gifts on which inheritance tax is chargeable etc.), in the closing words (which list the provisions restricting relief), for "section 261" substitute "sections 169 and 261".
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(3) In section 165(2)(b)(i) of, and paragraph 2(2)(b)(i) of Schedule 7 to, that Act (shares or securities in respect of which gifts relief may be claimed), for "neither listed on a recognised stock exchange nor dealt in on the Unlisted Securities Market" substitute "not listed on a recognised stock exchange".
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(4) In section 165(3)(b) of that Act (disposals of shares or securities excepted from gifts relief), after "shares or securities," insert "the transferee is a company or".
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(5) This section has effect in relation to disposals made on or after 9th November 1999.
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| Disposal of interest in settled property: deemed disposal of underlying assets. |
90. - (1) After section 76 of the Taxation of Chargeable Gains Act 1992, insert-
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| "Disposal of interest in settled property: deemed disposal of underlying assets. |
76A. Schedule 4A to this Act has effect with respect to disposals for consideration of an interest in settled property.".
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(2) After Schedule 4 to that Act insert the Schedule 4A set out in Schedule 24 to this Act.
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(3) This section applies to any disposal of an interest in settled property made, or the effective completion of which falls, on or after 21st March 2000.
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Expressions used in this subsection have the same meaning as in Schedule 4A to the Taxation of Chargeable Gains Act 1992.
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