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  1. E-quick package
  2. Economy package
  3. Premier package
  4. Deluxe package
If you are thinking about setting up a business, and need it done quickly and easily with no additional requirements, then this package is the perfect choice.
This package is a cheap and efficient way to begin business, and includes the provision of a registered office address in London for the duration of one year.
This package is a not expensive and efficient way to begin business, and includes the provision of a registered office address in London and a nominee secretary for the duration of one year.
This package is one of the most cost effective and the efficient way to start a UK company, which includes a registered office address in London, a nominee secretary, and a nominee director for the duration of one year.
E-quick*
£32.00
Economy
£82.00
Premier
£207.00
Deluxe
£557.00
Private company limited by shares
No Annual Charges
Private company limited by shares
Annual Fee From: £50.00
Private company limited by shares
Annual Fee From: £175.00
Private company limited by shares
Annual Fee From: £525.00
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Further information

Private Company Limited by Shares:

  • A private company limited by shares in England and Wales must have at least one director, one shareholder, and may have a secretary.

  • You need at least one person to form this type of company. If there is only one director, and that director is a natural person in your company, that director can also act as the secretary.

  • A company must have at least one director who is a natural person. This requirement is met if the office of director is held by a natural person as a corporation sole or otherwise by virtue of an office.

  • You can register a sole director' company, if you are familiar with the secretaries duties and responsibilities, because all of them belongs to a sole director.

  • The directors and secretary of your company can also be shareholders.

  • The Companies Act imposes no restriction on the minimum age of company directors. However Companies House will actively discourage the appointment of anyone under the age of 16 from taking up a company directorship on the grounds that the individuals concerned may not fully understand the legal liabilities that go with the position and for the most part will not have the experience necessary to perform the duties of a company director.

  • Under the Companies Act 2006, there is no restriction on any or all of the members/shareholders being from an overseas country (i.e. outside the United Kingdom in terms of residency, domicile, citizenship, place of incorporation or all or any of those concepts).

  • There is no requirement for the officers of your company to be UK citizens or residents, nor for them to hold valid work permits.

  • Owning, or being an officer of a UK company does not, however, grant you any right to live or work in the UK if you are a foreign national.

  • Your company must have a registered office address within England or Wales; this is the official address of your company and will be on the public record as such.

  • Your company must hold its official company documents at its registered office address: its register of shareholders, and its constitutional documents.

  • So long as you maintain a registered office address in England or Wales, you can conduct your business from any place in the world: you do not have to run your business from your registered office address.

  • Coddan offers company formation, ready-made company registration for UK limited companies. We offer electronic filing enterprises & registering corporation services. In addition to business registrations, we offer trademark registration, shareholder agreements, toll-free numbers, telephone answering, virtual office and company searches for UK limited companies. You are an accountant for whom company establishment is a frequent activity or an individual ordering your first company registrations. Start a company by incorporating or forming a LTD, PLC or LLP at Coddan. Learn about incorporation & how to incorporate your business online: register a business name, company registration, business registration numbers, company house web filing - business name registration check. Whether you start-up online, register London business or form a corporation Scotland, we can help you understand the business start-up process for filing LTD United Kingdom.
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    Incorporate or form an LLC – online: company registrar United Kingdom, limited company formations & corporation registration, electronically LLC online, very easy and informative. In addition to private companies Great Britain, we offer trademark registration, shareholder agreements, 0870 numbers, telephone answering, virtual office and company searches for English companies. Information to help start, grow or manage a small business. If you are starting a business Edinburgh or starting own business Northern Ireland, read our starting business Republic of Ireland guide. Home business and small business training and ideas site to help you start Belfast, grow, and expand a home-based business or search for the work at home job right. An outline of the general steps for incorporation in Great Britain, explaining how to incorporate your business Dublin, from choosing where to incorporate your business. UK ready-made company formation services and company registrations online, our offices keep a stock of ready made companies, and would be happy to supply details on request. We offer offshore ready-made companies in different jurisdictions, readymade offshore companies also called as offshore shelf companies, shelf off-shore companies for sale: starting applying for a business name, business name registration partnership, grants for starting a business and starting a business from home.
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    Open company same-day and offshore setting-up services using our online starting-up service for Limited Liability Company Offshore companies. Start enjoying the tax benefits and personal liability protection that forming a corporation or Limited Liability Company (LLC) provides. Offshore company incorporation, offshore checking and offshore saving accounts, offshore time deposits, offshore mutual funds, offshore money market accounts and offshore asset protection provided by Coddan. Company formations, limited company formations, electronic incorporations, company formation agents, paperless company registrar, electronic companies filing, United Kingdom limited company, setting corporation Ireland, business incorporation Scotland, open company England, London company registration, electronic companies filing, British companies registrars, business consultants, company law, public limited company, plc, international companies, ltd, inc, limited liability, enterprise, organization, organization, tax, taxation, England, firm, partnership, trade, profession, contractors, business, private limited company, limited by shares, ready-made companies, readymade company, aged company, off the shelf company, shelf companies list.
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    Specializes in company registration and secretarial services. Provides list of shelf company, services and cost quotation, business name registration, company house direct, starting a business - sole trader business registration.

    This is actually a pretty good reason to incorporate in Delaware or Nevada. In fact, you could be a foreigner from Lebanon, never setting foot on American soil, form a Delaware corporation and no one would know who you are! However, many states will require the owners and/or officers and/or directors information while operating in that state (as a foreign corp.). Besides, how many small businesses require anonymity? Incorporate, incorporation, incorporating, incorporation services, incorporating services, incorporate Wyoming business online, incorporating Oregon business, New York LLC formation, Louisiana limited liability corporation, Texas articles of incorporation, Florida company incorporation, California non profit corporation, corporate name search offshore, BVI corporate name availability, Seychelles corporate name registration.
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    Learn about incorporation services UK and incorporate London online: starting your own business, business ideas, starting a business on ebay or buying a business with legal requirements for starting a business. Online England company formations, online company London W1 formation, Glasgow formation agent, Liverpool formations agent, Scottish companies house, forming a company Scotland, starting a business Wales, form a limited company Oxford, United Kingdom business registration agents, online Great Britain company registration. E-Business, small business, business structures defined: the limited liability company business structures defined: the limited liability company IRS treatment of the one-member LLC. An LLC with only one member / owner is automatically considered to be a sole proprietorship unless an election is made to be treated as a corporation. Thus, the sole member of an LLC will file (Form 1040), (U.S. Individual Income Tax Return), ideas for starting a business, grants for starting a business, starting a business from home, starting your own business - business ideas, starting a business on ebay, buying a business: legal requirements for starting a business, ideas for starting a business.
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    A business may be conducted by a company as an entity in its own right and comes into existence by incorporation under companies legislation which also regulates the running of the company and sets out the duties of its officers. In recent years trading trusts have been commonly used as the structure for carrying on a business with their main objective of tax minimization. A trust requires a trustee to act on behalf of a trust and it has been preferable to have a company newly incorporated to act as the trustee as it is believed that this limits the liability of the trust to the paid-up capital of the Trustee Company. A trust is formed by a gift or settlement being made to the trustee on behalf of the, as yet unformed, trust. A solicitor draws up a Trust Deed setting out the powers and formalizing the administration of the trust. The trust has beneficiaries rather than shareholders as in a company, who are entitled to distributions of capital and/or income and these distributions, are controlled by the trustee.
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    The distribution made to beneficiaries are subject to income tax as part of their personal income and are liable for provisional tax on these distributions. Citizens and residents of other countries may incorporate in the United Kingdom through the standard incorporation procedures set forth by each state. Provides UK company formations, trademark registration, registered office facilities and company secretary services. Professional company formation, register your company online, we may establish new business at one day. An online guide to starting up and expanding your business.
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    This is one of our most popular packages with worldwide customers, and includes: -

  • EQUICK-4 zvezdy :-****
  • Pomeniat' sro4no. Eto economy4 zvezdy. -

  • ECooonooomyy-4 zvezdy :-****
  • Premier blablabla 4 zvezdy. -

  • premier-4 zvezdy;)
  • Our Deluxe package is a fast and easy option, it is ideal for the UK, EU, and international small to medium businesses who wish to appoint a nominee director and a nominee secretary in order to maintain the anonymity of the real owner, and it includes: -

  • Incorporation of your company from scratch using one of our registered office addresses in London, our nominee director and nominee secretary. We can appoint your own candidate(s) to the role of shareholder(s), or you can appoint a nominee sharholder provided by Coddan;
  • The standard capital on formation is £1.00, this is divided into 1.00 ordinary share valued at £1.00 (a minimum of one share must be issued);
  • The formation of a limited company usually takes as little as four to six hours from the time that your application and payment are received by Coddan;
  • The government fee for incorporation is included in the price of this package;
    • The provision of a registered office address for 12 months is included in the price of this package (our registered office address service is charged annually);
    • The provision of a nominee secretary for 12 months is included in the price of this package (our nominee secretary service is charged annually);
    • The provision of a nominee director for 12 months is also included in the price of this package (our nominee director service is charged annually);

    The following two hard bound copies of corporate documents, will be send by post to you upon formation of your private limited company: -

  • A laminated copy of the certificate of incorporation of your company;
  • A hard bound copy of the memorandum and articles of association;
  • A hard bound copy of the minutes of the first meeting of directors;
  • Share certificates, and your company register;
  • The general power of attorney signed by a nominee director;
  • Pre-signed, undated resignation letter from a nominee director;
  • The agreement for the provision of nominee service and indemnification of nominee.
  • 2 zdezda deluxe. -

  • 2 zdezda deluxe)
  • 3 zdezda deluxe. -

  • 3 zdezda deluxe
  • 4 zdezda deluxe -

  • 4444444
  • This is our most popular package with the UK residents, and includes: -

  • The registration of your company from scratch using your own registered office address, and appoint your own candidates to the roles of director, secretary (if needed), and shareholder;
  • The standard capital on formation is £1.00, this is divided into 1.00 ordinary share valued at £1.00 (a minimum of one share must be issued);
  • The formation of a limited company usually takes as little as four to six hours from the time that your application and payment are received by Coddan;
  • The government fee for incorporation is included in the price of this package;
  • The following documents, which need to be printed and signed, will be e-mailed to you upon formation of your company: -

  • A certificate of incorporation (requires PDF file reader);
  • The memorandum & articles of association (requires PDF file reader);
  • The first meeting of the board of directors (requires PDF file reader);
  • Share certificates and a company register (requires PDF file reader).
  • *If you do not have an a valid address in the UK, which can be used as the registered office address for your company, please check our Economy package. The non-UK address cannot be acceptable as the office address for the UK company.

    This is our most popular package with the UK and EU residents, and includes: -

  • The registration your company from scratch using one of our registered office addresses, and appoint your own candidates to the roles of director, secretary (if needed), and shareholder;
  • The standard capital on formation is £1.00, this is divided into 1.00 ordinary share valued at £1.00 (a minimum of one share must be issued);
  • The formation of a limited company usually takes as little as four to six hours from the time that your application and payment are received by Coddan;
  • The government fee for incorporation is included in the price of this package;
    • The provision of a registered office address for 12 months is also included in the price of this package (our registered office address service is charged annually);

    The following documents, which need to be printed and signed, will be e-mailed to you upon formation of your company: -

  • A certificate of incorporation (requires PDF file reader);
  • The memorandum & articles of association (requires PDF file reader);
  • The first meeting of the board of directors (requires PDF file reader);
  • Share certificates and a company register (requires PDF file reader).
  • This is another one very popular package with worldwide customers, and includes: -

  • The formation of a company limited by guarantee usually takes as little as five to seven working days from the time that your application and payment are received by Coddan;
  • The incorporation your BVI company limited by guarantee from scratch using our registered agent & registered office address, and appoint your own candidate to the role of a members;
  • The government and initiation fees for incorporation are included in the price of this package;
  • The search for a company name availability, confirmation, and reservation;
  • An original certificate of incorporation
  • A hard bound copy of the memorandum & articles of association
  • The preparation and submission of the memorandum and articles of association;
  • A local registered office address and a local registered agent for 12 months are included in the price of this package (our registered agent & office address service are charged annually);
  • The provision of a nominee director for one year is also included in the price of this package (our nominee director service is charged annually);

  • To receive an original of the certificate of incorporation from the Companies Registrar usually takes as little as two to three days from the time of incorporation.
  • The following hard bound copy of corporate documents, will be posted to you upon formation of your company limited by guarantee: -

  • An original certificate of incorporation;
  • A hard bound copy of the memorandum and articles of association;
  • The minutes of the first meeting of the board of directors;
  • A completed register of directors and members;
  • An elegant printed membership certificates;
  • A pliers seal.
  • The general power of attorney signed by a nominee director (additional fee applies);
  • Pre-signed, undated resignation letter from a nominee director;
  • The agreement for the provision of a nominee service and indemnification of nominee.
  • This is our most popular package with international customers, and includes: -

  • The formation of a company limited by guarantee usually takes as little as five to seven working days from the time that your application and payment are received by Coddan;
  • The registration your BVI company limited by guarantee from scratch using our registered agent & registered office address, and appoint our own candidates to the role of a nominee director and a nominee member;
  • The government and initiation fees for incorporation are included in the price of this package;
  • The search for a company name availability, confirmation, and reservation;
  • The preparation and submission of the memorandum and articles of association;
  • A local registered office address and a local registered agent for one year are included in the price of this package (our registered agent & office address service are charged annually);
  • The provision of a nominee director for 12 months is included in the price of this package (our nominee director service is charged annually);
  • A completed register of directors and members
  • The provision of a nominee member for 12 months is also included in the price of this package (our nominee member service is charged annually);

  • To receive an original of the certificate of incorporation from the Companies Registrar usually takes as little as two to three days from the time of incorporation.
  • The following hard bound copy of corporate documents, will be posted to you upon formation of your company limited by guarantee: -

  • An original certificate of incorporation;
  • A hard bound copy of the memorandum and articles of association;
  • The minutes of the first meeting of the board of directors;
  • A completed register of directors and members;
  • An elegant printed membership certificates;
  • A pliers seal.
  • Pre-signed, undated letters of resignation from a nominee director and a nominee member;
  • A general power of attorney signed by a nominee director (additional fee applies);
  • A declaration of trust from a nominee member;
  • An indemnity letter for the power of attorney;
  • A nominee agreement which provides for the indemnification of the nominees.
  • This is another one of our most popular packages for small and medium size businesses, such as those being run by a sole director from home, and for companies owned by overseas residents who still need a local registered office address, but would rather not open a local office in the UK;

    This package is often chosen by such customers, who are looking to minimise a sole director' personal liability (and who are not quite familiar with the UK corporate legislation), because this package includes thye provision of a nominee secretary for 12 months. This package is also includes: -

  • The registration your company from scratch using one of our registered office addresses, and appoint your own candidates to the roles of director, and shareholder;
  • The standard capital on formation is £1.00, this is divided into 1.00 ordinary share valued at £1.00 (a minimum of one share must be issued);
  • The formation of a limited company usually takes as little as four to six hours from the time that your application and payment are received by Coddan;
  • The government fee for incorporation is included in the price of this package;
    • The provision of a registered office address for 12 months is included in the price of this package (our registered office address service is charged annually);
    • The provision of a nominee secretary for 12 months is also included in the price of this package (our nominee secretary service is charged annually);

    The following hard bound copy of the corporate documents, will be send by post to you, upon formation of your private limited company: -

  • A laminated copy of the certificate of incorporation of your company;
  • A hard bound copy of the memorandum and articles of association;
  • A hard bound copy of the minutes of the first meeting of directors;
  • Share certificates, and your company register.
  • This is another one very popular package with worldwide customers, and includes: -

  • The formation of a limited partnership usually takes as little as five to seven working days from the time that your application and payment are received by Coddan;
  • The incorporation your BVI offshore limited partnership from scratch using our registered agent & registered office address, and appoint your own candidate to the role of a general partner;
  • The government and initiation fees for registration are included in the price of this package;
  • The search for a limited partnership name availability, confirmation, and reservation;
  • The preparation and submission of the partnership agreement;
  • A local registered office address and a local registered agent for 12 months are included in the price of this package (our registered agent & office address service are charged annually);
  • The provision of a nominee limited partner for one year is also included in the price of this package (our nominee limited partner service is charged annually);

  • To receive an original of the certificate of incorporation from the Companies Registrar usually takes as little as two to three days from the time of incorporation.
  • The following hard bound copy of corporate documents, will be posted to you upon formation of your offshore company: -

  • An original certificate of incorporation;
  • A hard bound copy of the partnership agreement;
  • The minutes of the first meeting of the board of partners;
  • A completed register of partners;
  • An elegant printed membership certificates;
  • A pliers seal;
  • The general power of attorney signed by a nominee limited partner (additional fee applies);
  • Pre-signed, undated resignation letter from a nominee limited partner;
  • The agreement for the provision of a nominee service and indemnification of nominee.
  • This is our most popular package with international customers, and includes: -

    This is our most popular package with international customers, and includes: -

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    Organization Structures Business, Incorporate Your Business Online, Incorporation Services at Affordable Prices, Learn About Incorporating and How to IncorporateSetting up a Business in United Kingdom, Incorporatin Business, Forming an LLC, Incorporate online in Delaware, Nevada, London, Florida, New YorkCompany UK Formation, Online UK Company Formation Agents, Plus a Wide Range of Ready-Made Companies Available and Vintage CompaniesWhat are the Advantages of Incorporation? You Can Now Form Your UK Limited Company Online Using Our Company Registration AgentHow Do I Get Started With the Registration Process? Company Formation & Registration of Offshore Companies Incorporation ServiceUK Limited Company Formation and Offshore Companies Incorporation Service, We Provide Online New Company Formations and Offshore Readymade CorporationSetting up a Business in United Kingdom, Cheap IBC Incorporation Offshore Anonymous Banking Internet Offshore Bank AccountUK Company Formation, Online Company Registration Agent Offering Same-Day Company Formation, Business BankingServices Include Companies Formation and Administration, Trademark, Intellectual Property, Company Search ServicesAn On-Line Resource to Setting-Up a Private Limited Company Without Hiring a Solicitor or Formation AgenStarting a Business Information, Advice and Information for Starting a New Business in the UK Including UK Business Start-UpHelp in Starting Up a Business Up-to-Date Advice and Strategies, Start Your Own Business and Gain Your Independence!Incorporate a Business in Any State, London, Glasgow, Form an LLC, Conduct a Trademark Search OnlineSmall Business Resources for Starting a Small Business, Small Business Marketing
    Taxation of Chargeable Gains Act 1992
    1992 c. 12 - continued

    back to previous page

     

    SCHEDULE 10
    Section 290. 
     Consequential amendments
     
    Post Office Act 1969 c. 48
            1.    In section 74 of the Post Office Act 1969 for "Capital Gains Tax Act 1979" there shall be substituted "Taxation of Chargeable Gains Act 1992".
     
    Taxes Management Act 1970 c. 9
            2.—(1) The Taxes Management Act 1970 shall have effect subject to the following amendments.

        (2) In sections 11(1)(b), 27(1), 47(1), 57(1)(a), 78(3)(b), 111 and 119(4) for "Capital Gains Tax Act 1979" there shall be substituted "1992 Act".

        (3) In section 12(2)—
       (a) for "Capital Gains Tax Act 1979" there shall be substituted "1992 Act"
       (b) for "19(4)" there shall be substituted "51(1)"
       (c) for "71" there shall be substituted "121"
       (d) for "130, 131 or 133" there shall be substituted "263, 268 or 269"
       (e) for "128(6)" there shall be substituted "262(6)".
        (4) In section 25(9) for "sections 64, 93 and 155(1) of the Capital Gains Tax Act 1979" there shall be substituted "sections 99 and 288(1) of the 1992 Act."

        (5) The following section shall be substituted for section 28—
            28.—(1) A person holding shares or securities in a company which is not resident or ordinarily resident in the United Kingdom may be required by a notice by the Board to give such particulars as the Board may consider are required to determine whether the company falls within section 13 of the 1992 Act and whether any chargeable gains have accrued to that company in respect of which the person to whom the notice is given is liable to capital gains tax under that section.

        (2) For the purposes of this section "company" and "shares" shall be construed in accordance with sections 99 and 288(1) of the 1992 Act.

        (6) In section 30(2)(a) and (3)(a) for "47 of the Finance (No.2) Act 1975" there shall be substituted "283 of the 1992 Act".

        (7) In section 31(3)(c) for "38 of the Finance Act 1973" there shall be substituted "276 of the 1992 Act".

        (8) In section 86(4) for "7 of the Capital Gains Tax Act 1979" there shall be substituted "7 of the 1992 Act".

        (9) In section 87A(3) for the words from "section 267(3C)" to "1979" there shall be substituted "137(4), 139(7) or 179(11) of the 1992 Act or section 96(8) of the Finance Act 1990".
      This sub-paragraph shall come into force on the day appointed under section 95 of the Finance (No.2) Act 1987 for the purposes of section 85 of that Act.


        (10) In section 98—
       (a) in column 1 of the Table—
         (i) for "149D of the Capital Gains Tax Act 1979" there shall be substituted "151 of the 1992 Act"
         (ii) for "6(9) of Schedule 1 to the Capital Gains Tax Act 1979" there shall be substituted "2(9) of Schedule 1 to the 1992 Act"
         (iii) for "84 of the Finance Act 1981" there shall be substituted "98 of the 1992 Act"
         (iv) for "Paragraph 7(1) of Schedule 10 to the Finance Act 1988" there shall be substituted "Section 79(6) of the 1992 Act"
         (v) for "39 of the Finance Act 1990" there shall be substituted "235 of the 1992 Act"
         (vi) for "12 of Schedule 16 to the Finance Act 1991" there shall be substituted "10 of Schedule 5 to the 1992 Act" and
       (b) in column 2 of the Table—
         (i) for "149D of the Capital Gains Tax Act 1979" there shall be substituted "151 of the 1992 Act" and
         (ii) for "13 to 16 of Schedule 16 to the Finance Act 1991" there shall be substituted "11 to 14 of Schedule 5 to the 1992 Act".
        (11) In section 118(1)—
       (a) in the definition of "chargeable gain" for "Capital Gains Tax Act 1979" there shall be substituted "1992 Act" and
       (b) in paragraph (b) of the definition of "the Taxes Acts" for "the Capital Gains Tax Act 1979" there shall be substituted "the Taxation of Chargeable Gains Act 1992" and
       (c) immediately after that definition there shall be inserted—"the 1992 Act" means the Taxation of Chargeable Gains Act 1992.
     
    Finance Act 1973 c. 51
            3.—(1) In section 38(2) of the Finance Act 1973 for "In this section and in Schedule 15 to this Act" there shall be substituted "Schedule 15 to this Act shall have effect and in that Schedule".

        (2) In paragraphs 2 and 4 of Schedule 15 to that Act for "38 of this Act" there shall be substituted "276 of the Taxation of Chargeable Gains Act 1992".
     
    British Aerospace Act 1980 c. 26
            4.    In section 12(2) of the British Aerospace Act 1980 for "272(5) of the Income and Corporation Taxes Act 1970" there shall be substituted "170(12) of the Taxation of Chargeable Gains Act 1992".
     
    British Telecommunications Act 1981 c. 38
            5.    In section 82(1) for "Capital Gains Tax Act 1979" and "Schedule 5" there shall be substituted respectively "Taxation of Chargeable Gains Act 1992" and "Schedule 2".
     
    Value Added Tax Act 1983 c. 55
            6.    In Group 11 of Schedule 6 to the Value Added Tax Act 1983 for "section 147(2) of the Capital Gains Tax Act 1979" there shall be substituted "section 258(2) of the Taxation of Chargeable Gains Act 1992".
     
    Telecommunications Act 1984 c. 12
            7.    In section 72(2) of the Telecommunications Act 1984 for "272(5) of the Income and Corporation Taxes Act 1970" there shall be substituted "170(12) of the Taxation of Chargeable Gains Act 1992".
     
    Inheritance Tax Act 1984 c. 51
            8.—(1) The Inheritance Tax Act shall have effect subject to the following amendments.

        (2) In section 31(4G)(b) for "147 of the Capital Gains Tax Act 1979" there shall be substituted "258 of the 1992 Act".

        (3) In section 79(2) for "147 of the Capital Gains Tax Act" and "147" (where it secondly appears) there shall be substituted respectively "258 of the 1992 Act" and "258".

        (4) In section 97—
       (a) the amendments made by section 138(6) of the Finance Act 1989 shall continue to have effect notwithstanding the repeal by this Act of that provision; and
       (b) for "273(1) of the Taxes Act 1970", "272 of the Taxes Act 1970" and "273 to 281" there shall be substituted respectively "171(1) of the 1992 Act", "170 of the 1992 Act" and "171 to 181".
        (5) In sections 107(4), 113A(6) and 124A(6) for "77 to 86 of the Capital Gains Tax Act 1979" there shall be substituted "126 to 136 of the 1992 Act".

        (6) In section 135 for "section 78 of the Capital Gains Tax Act 1979", "84", "77(1)", "82", "85", "86", "78", "93" and "77(1) of the Capital Gains Tax Act 1979" there shall be substituted respectively "127 of the 1992 Act", "134", "126(1)", "132", "135", "136", "127", "99" and "126(1)".

        (7) In section 138 for "3 to the Capital Gains Tax Act 1979" there shall be substituted "8 to the 1992 Act".

        (8) In section 165 for "Capital Gains Tax Act 1979" and "59" shall be substituted "1992 Act" and "282".

        (9) In section 183 for "section 78 of the Capital Gains Tax Act 1979", "77(1)", "82", "85", "86", "78", "93" and "77(1) of the Capital Gains Tax Act 1979" there shall be substituted respectively "127 of the 1992 Act", "126(1)", "132", "135", "136", "127", "99" and "126(1)".

        (10) In section 187 for "153 of the Capital Gains Tax Act 1979" shall be substituted "274 of the 1992 Act".

        (11) In section 194 for "3 to the Capital Gains Tax Act 1979" there shall be substituted "8 to the 1992 Act".

        (12) In section 270 for "Capital Gains Tax Act 1979" and "63" there shall be substituted "1992 Act" and "286".

        (13) In section 272 at the end there shall be added
     "and
     "the 1992 Act" means the Taxation of Chargeable Gains Act 1992."
     
    Finance Act 1985 c. 54
            9.    In section 81 for "Capital Gains Tax Act 1979" there shall be substituted "Taxation of Chargeable Gains Act 1992".
     
    Trustee Savings Bank Act 1985 c. 58
            10.—(1) In paragraph 2 of Schedule 2 to the Trustee Savings Bank Act 1985—
       (a) for "Capital Gains Tax Act 1979" there shall be substituted "1992 Act" and
       (b) for "5 to the Act of 1979" there shall be substituted "2 to the 1992 Act".
        (2) In paragraph 3 of that Schedule—
       (a) for "II of Part II of the Act of 1979" there shall be substituted "III of Part II of the 1992 Act" and
       (b) for "12 of Schedule 5 to the Act of 1979" there shall be substituted "16 of Schedule 2 to the 1992 Act".
        (3) In paragraph 4 of that Schedule—
       (a) for "Act of 1979" (in three places) there shall be substituted "1992 Act"
       (b) for "134" and "26" there shall be substituted respectively "251" and "30" and
       (c) for "278 of the Taxes Act" (in both places) there shall be substituted "178 or 179 of the 1992 Act".
        (4) In paragraph 9—
       (a) at the end of sub-paragraph (1) there shall be added—
       ""the 1992 Act" means the Taxation of Chargeable Gains Act 1992;"
      and
       (b) in sub-paragraph (2) for "Capital Gains Tax Act 1979" there shall be substituted "1992 Act".
     
    Transport Act 1985 c. 67
            11.    In section 130—
       (a) in subsection (3) for "Capital Gains Tax Act 1979" and "5" there shall be substituted "Taxation of Chargeable Gains Act 1992" and "2" and
       (b) in subsection (4) for "278 of the Income and Corporation Taxes Act 1970" there shall be substituted "178 or 179 of the Taxation of Chargeable Gains Act 1992".
     
    Airports Act 1986 c. 31
            12.    In section 77(2) of the Airports Act 1986 for "272(5) of the Income and Corporation Taxes Act 1970" there shall be substituted "170(12) of the Taxation of Chargeable Gains Act 1992".
     
    Gas Act 1986 c. 44
            13.    In section 60(2) of the Gas Act 1986 for "272(5) of the Income and Corporation Taxes Act 1970" there shall be substituted "170(12) of the Taxation of Chargeable Gains Act 1992".
     
    Income and Corporation Taxes Act 1988 c. 1
            14.—(1) The Income and Corporation Taxes Act 1988 shall have effect subject to the following amendments.

        (2) In section 11(2) for paragraph (b) there shall be substituted—
       (b) such chargeable gains as are, by virtue of section 10(3) of the 1992 Act, to be, or be included in, the company's chargeable profits,
        (3) In section 56(5) for "82 of the 1979 Act" there shall be substituted "132 of the 1992 Act".

        (4) In section 119(1) after "122" there shall be inserted "and section 201 of the 1992 Act".

        (5) In section 122(4)(a) for "subsection (1)(b) above" there shall be substituted "section 201(1) of the 1992 Act".

        (6) After section 126 there shall be inserted—
    Charge to tax on appropriation of securities and bonds.
            126A.—(1) In any case where—
       (a) any specified securities were held by a company in such circumstances that any gain or loss on their disposal would, apart from section 115 of the 1992 Act, have been taken into account in determining the company's liability to corporation tax on chargeable gains, and
       (b) those securities are subsequently appropriated by the company in such circumstances that if they were disposed of after the appropriation, any profit accruing on their disposal would be brought into account in computing the company's income for corporation tax,
    then for the purposes of corporation tax any loss incurred by the company on the disposal of those securities shall not exceed the loss which would have been incurred on that disposal if the amount or value of the consideration for the acquisition of the securities had been equal to their market value at the time of the appropriation.

        (2) In any case where—
       (a) any specified securities were held by a company in such circumstances that any profit accruing on their disposal would be brought into account in computing the company's income for corporation tax, and
       (b) those securities are subsequently appropriated by the company in such circumstances that any gain accruing on their disposal would, by virtue of section 115 of the 1992 Act, be exempt from corporation tax on chargeable gains,
    then for the purposes of corporation tax the company shall be treated as if, immediately before the appropriation, it had sold and repurchased the specified securities at their market value at the time of the appropriation.

        (3) In this section "specified securities" means gilt-edged securities or qualifying corporate bonds.

        (7) In section 128 for "72 of the Finance Act 1985" and "(2A)" there shall be substituted respectively "143 of the 1992 Act" and "(3)".

        (8) In section 129(4) for "149B(9) of the 1979 Act" there shall be substituted "271(9) of the 1992 Act".

        (9) In section 137(1)(b) and (2) for "1979" there shall be substituted "1992".

        (10) In section 139(14) for "32A(4) of the 1979 Act" there shall be substituted "120(4) of the 1992 Act".

        (11) In sections 140(3) and 162(10)(d) for "1979" and "150" there shall be substituted respectively "1992" and "272".

        (12) In section 185—
       (a) in subsection (3)(b) for "29A(1) of the 1979 Act" there shall be substituted "17(1) of the 1992 Act" and
       (b) in subsection (7) for "32(1)(a) of the 1979 Act" there shall be substituted "38(1)(a) of the 1992 Act".
        (13) In section 187(2) for "1979 Act" (in the definition of "market value") and "77(1)(b) of the 1979 Act" (in the definition of "new holding") there shall be substituted respectively "1992 Act" and "126(1)(b) of the 1992 Act".

        (14) In section 220 for "52 of the 1979 Act" (in subsection (2)) and "1979" (in subsection (9)) there shall be substituted respectively "69 of the 1992 Act" and "1992".

        (15) In section 245B(1)(c) for "273(1) of the Taxes Act 1970" there shall be substituted "171(1) of the 1992 Act".

        (16) In section 251 for "150(3) of the 1979 Act" and "152 of the 1979 Act" there shall be substituted respectively "272(3) of the 1992 Act" and "273 of the 1992 Act".

        (17) In sections 299 and 305 for "77(2)(a) of the 1979 Act" and "78" there shall be substituted respectively "126(2)(a) of the 1992 Act" and "127".

        (18) In section 312 for "86(1) of the 1979 Act" and "150 of the 1979 Act" there shall be substituted respectively "136(1) of the 1992 Act" and "272 of the 1992 Act".

        (19) In section 399—
       (a) in subsection (1) for "72(1) of the Finance Act 1985" there shall be substituted "143(1) of the 1992 Act", and
       (b) in subsection (5) for "72 of the Finance Act 1985" and "(2A)" there shall be substituted "143 of the 1992 Act" and "143(3)" respectively.
        (20) In section 400—
       (a) in subsection (2)(e) for "345" there shall be substituted "8 of the 1992 Act" and
       (b) in subsection (6) for "42 of the 1979" there shall be substituted "50 of the 1992".
        (21) In section 438(8) for "149B(1)(h) of the 1979 Act" there shall be substituted "271(1)(h) of the 1992 Act".

        (22) In section 440—
       (a) in subsection (3) for "273 or 274 of the 1970 Act" there shall be substituted "171 or 173 the 1992 Act" and
       (b) in subsection (5) for "1979" there shall be substituted "1992".
        (23) In section 440A—
       (a) in subsection (5) for "66 of the 1979 Act" there shall be substituted "105 of the 1992 Act" and
       (b) for subsection (6) there shall be substituted—
        (6) In this section—
      "1982 holding" has the same meaning as in section 109 of the 1992 Act;
      "new holding" has the same meaning as in section 104(3) of that Act; and
      "securities" means shares, or securities of a company, and any other assets where they are of a nature to be dealt in without identifying the particular assets disposed or or acquired.
        (24) In section 442 for "1979 Act" there shall be substituted "1992 Act".

        (25) In section 444A(8) for "88 of the 1979 Act" there shall be substituted "138 of the 1992 Act".

        (26) In section 450(6) for "31 or 33 of the 1979" there shall be substituted "37 or 39 of the 1992".

        (27) In section 473—
       (a) in subsections (2) and (5) for "77 to 86 of the 1979" and "84" there shall be substituted respectively "126 to 136 of the 1992" and "134"
       (b) in subsection (6) for "82 of the 1979 Act", "86(7), 93 or 139" and "77 to 86" there shall be substituted respectively "132 of the 1992 Act", "136(3), 147 or 99" and "126 to 136"
       (c) in subsection (7) for "85 or 86 of the 1979" and "87(1)" there shall be substituted "135 or 136 of the 1992" and "137(1)" respectively.
        (28) In section 477B(5) for "64(3E) of the Finance Act 1984" there shall be substituted "117(4) of the 1992 Act".

        (29) In section 484(2) for "270(4) of the 1970 Act" there shall be substituted "126A(1)".

        (30) In subsection (1) of section 502 in the definition of "ring fence profits" for "same meaning as in section 79(5) of the Finance Act 1984" there shall be substituted "meaning given by subsection (1A) below" and at the end of that subsection there shall be inserted—

        (1A) Where in accordance with section 197(3) of the 1992 Act a person has an aggregate gain for any chargeable period, that gain and his ring fence income (if any) for that period together constitute his ring fence profits for the purposes of this Chapter.

        (31) In section 505(3), (5)(b) and (6) for "145 of the 1979 Act" there shall be substituted "256 of the 1992 Act".

        (32) In section 513(3) for "272(5) of the 1970 Act" there shall be substituted "170(12) of the 1992 Act".

        (33) In section 574(1) for "1979" there shall be substituted "1992".

        (34) In section 575—
       (a) in subsection (1)(c) for "22(2) of the 1979 Act" there shall be substituted "24(2) of the 1992 Act"
       (b) in subsection (2) for "78 of the 1979 Act", in both places, there shall be substituted "127 of the 1992 Act" and
       (c) in subsection (3) for "85 or 86 of the 1979 Act" and "87" there shall be substituted "135 or 136 of the 1992 Act" and "137".
        (35) In section 576—
       (a) in subsection (2) for "26 of the 1979 Act" and "(4)" there shall be substituted "30 of the 1992 Act" and "(5)" and
       (b) in subsection (5)—
         (i) for the definition of "holding" there shall be substituted—
         ""holding" means any number of shares of the same class held by one person in one capacity, growing or diminishing as shares of that class are acquired or disposed of, but shares shall not be treated as being of the same class unless they are so treated by the practice of a recognised stock exchange or would be so treated if dealt with on such a stock exchange, and subsection (4) of section 104 of the 1992 Act shall apply for the purposes of this definition as it applies for the purposes of subsection (1) of that section;"
         (ii) for "the first proviso to section 79(1) of the 1979 Act" there shall be substituted "paragraph (a) or (b) of section 128(2)" and
         (iii) for "155(2) of the 1979 Act" there shall be substituted "288(3) of the 1992 Act".
        (36) In section 710—
       (a) in subsection (2A) for "64(3E) of the Finance Act 1984" there shall be substituted "117(4) of the 1992 Act" and
       (b) in subsection (13) for "82 of the 1979" shall be substituted "132 of the 1992".
        (37) In section 715(8) for "5(1) of Schedule 1 to the 1979", "12(3) of the 1979" and "18(4) of the 1979" there shall be substituted respectively "1(1) of Schedule 1 to the 1992", "10(6) of the 1992" and "275 of the 1992".

        (38) In section 723(8) for "18(4) of the 1979" there shall be substituted "275 of the 1992".

        (39) In section 727(2) for "149B(9) of the 1979" there shall be substituted "271(9) of the 1992".

        (40) In section 731(4B) for "(9) of section 137 of the 1979 Act" there shall be substituted "(8) of section 144 of the 1992 Act".

        (41) In section 734(2) for "72(5)(b) of the 1979 Act" there shall be substituted "122(5)(b) of the 1992 Act".

        (42) In section 740(6)(a) for "80 or 81(2) of the Finance Act 1981" there shall be substituted "87 or 89(2) of the 1992 Act".

        (43) In section 757—
       (a) in subsection (1) for "78 of the 1979" there shall be substituted "127 of the 1992"
       (b) in subsection (2) for "1979" there shall be substituted "1992"
       (c) in subsections (3) and (4) for "49 of the 1979" there shall be substituted "62 of the 1992"
       (d) in subsection (5) for "85", "1979" and "86" there shall be substituted respectively "135", "1992" and "136"
       (e) in subsection (6) for "85(3) of the 1979" there shall be substituted "135(3) of the 1992" and
       (f) in subsection (7) for "Chapter II of Part II of the 1979" there shall be substituted "Chapter III of Part II of the 1992".
        (44) In section 758—
       (a) in subsection (5) for "78 of the 1979" there shall be substituted "127 of the 1992" and
       (b) in subsection (6) for "78 of the 1979", "85", "78 as" and "82" there shall be substituted respectively "127 of the 1992", "135", "127 as" and "132".
        (45) In section 759(9) for "1979" and "150(4)" there shall be substituted "1992" and "272(5)".

        (46) In section 760(4) for "78 of the 1979" there shall be substituted respectively "127 of the 1992".

        (47) In section 761—
       (a) in subsection (2) for "2 and 12 of the 1979 Act" there shall be substituted "2(1) and 10 of the 1992 Act"
       (b) in subsection (3) for "12 of the 1979 Act" there shall be substituted "10 of the 1992 Act" and at the end of that subsection there shall be inserted "and subsection (3) of that section (which makes similar provision in relation to corporation tax) shall have effect with the omission of the words "situated in the United Kingdom""
       (c) in subsection (5) for "14 of the 1979 Act" there shall be substituted "12 of the 1992 Act"
       (d) in subsections (6) and (7)(a) and (b) for "1979" there shall be substituted "1992".
        (48) In section 762—
       (a) in subsection (1) for "15 of the 1979 Act" there shall be substituted "13 of the 1992 Act"
       (b) in subsection (2)—
         (i) for "80 to 84 of the Finance Act 1981" there shall be substituted "87 to 90 and 96 to 98 of the 1992 Act"
         (ii) in paragraph (a) for "80(5)" there shall be substituted "87(6)"
         (iii) in paragraph (b) for the words from the beginning to "1979" there shall be substituted "in section 87(2) of the 1992 Act for the words "tax under section 2(2)""
         (iv) in paragraph (c) for "80(6)" there shall be substituted "87(7)" and
         (v) in paragraph (d) for "80(8) and 83(6)" there shall be substituted "87(10) and 97(6)"
       (c) in subsection (3) for "80(5) of the Finance Act 1981" there shall be substituted "87(6) of the 1992 Act" and
       (d) in subsection (4) for "80 of the Finance Act 1981" there shall be substituted "87 of the 1992 Act".
        (49) In section 763—
       (a) for "the 1979 Act disposal", in each place, there shall be substituted "the 1992 Act disposal"
       (b) in subsections (1) and (6) for "1979" there shall be substituted "1992"
       (c) in subsection (2) for "31(1)" there shall be substituted "37(1)"
       (d) in subsection (3) for "computation under Chapter II of Part II of the 1979 Act of any gain" there shall be substituted "computation of the gain"
       (e) in subsection (4) for "35" there shall be substituted "42"
       (f) in subsection (5) for "123" there shall be substituted "162" and
       (g) in subsection (6) for "79" there shall be substituted "128".
        (50) In section 776(9) for "101 to 105 of the 1979" and "103(3)" there shall be substituted respectively "222 to 226 of the 1992" and "224(3)".

        (51) In section 777 in subsections (11) and (12) for "122 of the 1979" and "31 and 33 of the 1979" there shall be substituted "161 of the 1992" and "37 and 39 of the 1992" respectively.

        (52) In section 824(8) for "47 of the Finance (No.2) Act 1975" there shall be substituted "283 of the 1992 Act".

        (53) In section 831—
       (a) at the end of subsection (3) there shall be inserted—
      ""the 1992 Act" means the Taxation of Chargeable Gains Act 1992." and
       (b) in subsection (5) for "1979" there shall be substituted "1992".
        (54) In section 832(1) in the definition of "chargeable gain" for "1979" there shall be substituted "1992".

        (55) In section 842(4) for "64, 93 and 155(1) of the 1979 Act" there shall be substituted "99 and 288 of the 1990 Act".

        (56) In section 843(2) for "10 of the 1979 Act" there shall be substituted "277 of the 1990 Act".

        (57) In Schedule 4—
       (a) in paragraphs 1(8), 19 and 20 for "1979" there shall be substituted "1992"
       (b) in paragraph 2(4) for "82 of the 1979", "85(3) of the 1979" and "86(1)" there shall be substituted respectively "132 of the 1992", "135(3) of the 1992" and "136(1)"
       (c) in paragraph 7 for "1979" (in both places) there shall be substituted "1992" and for "49(1)(b)", "82", "86(1)", "85(3)" and "78" there shall be substituted respectively "62(1)(b)", "132", "136(1)", "135(3)" and "127" and
       (d) in paragraph 12 for "88 of the Finance Act 1982" there shall be substituted "108 of the 1992 Act".
        (58) In paragraph 5(7) of Schedule 10 for "1979" there shall be substituted "1992".

        (59) In paragraph 12(2) of Schedule 20 for "145 of the 1979" there shall be substituted "256 of the 1992".

        (60) In paragraph 7 of Schedule 22 for "149B(1)(g) of the 1979" there shall be substituted "271(1)(g) of the 1992".

        (61) In Schedule 23A for "149B(9) of the 1979 Act" there shall be substituted "271(9) of the 1992 Act".

        (62) In paragraph 3 of Schedule 26 for "II of Part II of the 1979" there shall be substituted "III of Part II of the 1992".

        (63) In Schedule 28—
       (a) in paragraph 2 for "1979" and "Chapter III of Part III of the Finance Act 1982" there shall be substituted respectively "1992" and "the 1992 Act"
       (b) in paragraph 3—
         (i) for "paragraph 2 of Schedule 13 to the Finance Act 1982" there shall be substituted "section 56(2) of the 1992 Act"
         (ii) for "123 of the 1979 Act" there shall be substituted "162 of the 1992 Act"
         (iii) in sub-paragraph (3) for the words from "section" to "shall" there shall be substituted "section 165 or 260 of the 1992 Act (relief for gifts) the claim shall"
         (iv) for "31(1) of the 1979 Act" there shall be substituted "37(1) of the 1992 Act" and
         (v) for "29 of the 1979 Act" there shall be substituted "16 of the 1992 Act"
       (c) in paragraphs 4(3)(b) and 8(3) for "86(5) of or Schedule 13 to the Finance Act 1982" and "86(5)(b) of or Schedule 13 to the Finance Act 1982" there shall be substituted "56, 57, 131 or 145 of the 1992 Act" and for "1979" there shall be substituted "1992".
     
    British Steel Act 1988 c. 35
            15.    In section 11(2) of the British Steel Act 1988 for "272(5) of the Income and Corporation Taxes Act 1970" there shall be substituted "170(12) of the Taxation of Chargeable Gains Act 1992".
     
    Finance Act 1988 c. 39
            16.—(1) The Finance Act 1988 shall have effect subject to the following amendments.

        (2) In section 50(4) for "3 to the Capital Gains Tax Act 1979" there shall be substituted "8 to the Taxation of Chargeable Gains Act 1992".

        (3) In section 68(4) for "29A(1) of the Capital Gains Tax Act 1979" there shall be substituted "17(1) of the Taxation of Chargeable Gains Act 1992".

        (4) In section 82(3)—
       (a) for "78 to 81 of the Capital Gains Tax Act 1979" there shall be substituted "127 to 130 of the Taxation of Chargeable Gains Act 1992" and
       (b) for "78", "79(1)" and "79(2)" there shall be substituted respectively "127", "128(1) and (2)" and "128(3)".
        (5) In section 84 for "32(1)(a) of the Capital Gains Tax Act 1979" there shall be substituted "38(1)(a) of the Taxation of Chargeable Gains Act 1992".

        (6) In section 132(6) for "272 of the Taxes Act 1970" there shall be substituted "170 of the Taxation of Chargeable Gains Act 1992".

        (7) In paragraph 6(2) of Schedule 12 for "72 of the Capital Gains Tax Act 1979" there shall be substituted "122 of the Taxation of Chargeable Gains Act 1992".
     
    Health and Medicines Act 1988 c. 49
            17.    In section 6(2) of the Health and Medicines Act 1988 for "272(5) of the Income and Corporation Taxes Act 1970" there shall be substituted "170(12) of the Taxation of Chargeable Gains Act 1992".
     
    Water Act 1989 c. 15
            18.    In section 95 of the Water Act 1989—
       (a) in subsection (4) for "Capital Gains Tax Act 1979 ("the 1979 Act")" there shall be substituted "Taxation of Chargeable Gains Act 1992 ("the 1992 Act")"
       (b) in subsection (5) for "1979" there shall be substituted "1992" and
       (c) in subsection (6) for "134 of the 1979" there shall be substituted "251 of the 1992".
     
    Finance Act 1989 c. 26
            19.—(1) In section 69(9) of the Finance Act 1989 for "85(1) of the Capital Gains Tax Act 1979" and "77" there shall be substituted "135(1) of the Taxation of Chargeable Gains Act 1992" and "126".

        (2) In section 70(2) of that Act for "Capital Gains Tax Act 1979" and "32(1)(a)" there shall be substituted "Taxation of Chargeable Gains Act 1992" and "38(1)(a)".

        (3) In section 158(2) of that Act in paragraph (a) for "section 47(1) of the Finance (No.2) Act 1975" there shall be substituted "section 283(1) of the Taxation of Chargeable Gains Act 1992".

        (4) In section 178(2) of that Act for paragraph (i) there shall be substituted—
       (i) section 283 of the Taxation of Chargeable Gains Act 1992;


        (5) In Schedule 5 to that Act in paragraphs 8 and 11 for "85(1) of the Capital Gains Tax Act 1979" and "77" there shall be substituted "135(1) of the Taxation of Chargeable Gains Act 1992" and "126".

        (6) In Schedule 11 to that Act—
       (a) in paragraph 1(8)(c) for "Capital Gains Tax Act 1979" there shall be substituted "Taxation of Chargeable Gains Act 1992" and
       (b) in paragraph 19 for "88 of the Finance Act 1982" there shall be substituted "108 of the Taxation of Chargeable Gains Act 1992".
     
    Electricity Act 1989 c. 29
            20.—(1) In paragraph 2 of Schedule 11 to the Electricity Act 1989 for "278 of the Income and Corporation Taxes Act 1970" and "272 of the Income and Corporation Act 1970" there shall be substituted respectively "178 or 179 of the 1992 Act" and "170 of the 1992 Act" and at the end of that paragraph there shall be added—

            2A.    In this Schedule "the 1992 Act" means the Taxation of Chargeable Gains Act 1992.(2) In paragraph 3 of that Schedule for "117 of the Capital Gains Tax Act 1979" and "117" (where it secondly appears) there shall be substituted "154 of the 1992 Act" and "154".

        (3) In paragraphs 4 and 5 of that Schedule for "Capital Gains Tax Act 1979" (in each place) there shall be substituted "1992 Act".
     
    Capital Allowances Act 1990 c. 1
            21.—(1) The following section shall be inserted in the Capital Allowances Act 1990 after section 118—

    Disposals of oil licences relating to undeveloped areas.
            118A.—(1) If, at the time of the material disposal of a licence, the licence relates to an undeveloped area, then, to the extent that the consideration for the disposal consists of—
       (a) another licence which at that time relates to an undeveloped area or an interest in another such licence, or
       (b) an obligation to undertake exploration work or appraisal work in an area which is or forms part of the licensed area in relation to the licence disposed of,
    the value of that consideration shall be treated as nil for the purposes of this Part and Part VII.

        (2) For the purposes of this section "material disposal" means a disposal (including a part disposal) other than a disposal in relation to which sections 157 and 158 of this Act have effect.

        (3) If a material disposal of a licence which, at the time of the disposal, relates to an undeveloped area is part of a larger transaction under which one party makes to another material disposals of two or more licences, each of which at the time of the disposal relates to an undeveloped area, the reference in subsection (1)(b) above to the licensed area in relation to the licence disposed of shall be construed as a reference to the totality of the licensed areas in relation to those two or more licences.

        (4) Expressions used in this section and in section 194 of the Taxation of Chargeable Gains Act 1992 have the same meaning in this section as they have in that.

        (2) In section 138 of that Act the following subsection shall be inserted after subsection (7)—

        (7A) Where the relevant event is the material disposal of a licence for the purposes of section 118A, subsection (4) above shall have effect subject to that section.
     
    Finance Act 1990 c. 29
            22.—(1) The Finance Act 1990 shall have effect subject to the following amendments.

        (2) In section 116(5) for "150(1) to (3) and 152 of the Capital Gains Tax Act 1979" there shall be substituted "272(1) to (4) and 273 of the Taxation of Chargeable Gains Act 1992".

        (3) In section 120 for "27 of the Capital Gains Tax Act 1979" there shall be substituted "28 of the Taxation of Chargeable Gains Act 1992".

        (4) In paragraph 24 of Schedule 10 for "88 of the Finance Act 1982" there shall be substituted "108 of the Taxation of Chargeable Gains Act 1992".

        (5) In Schedule 12—
       (a) in paragraph 2—
         (i) for "the Capital Gains Tax Act 1979 ("the 1979 Act")" there shall be substituted "the Taxation of Chargeable Gains Act 1992 ("the 1992 Act")"
         (ii) for "5" there shall be substituted "2" and
         (iii) for "134 of the 1979" there shall be substituted "251 of the 1992"
       (b) in paragraphs 4, 5 and 6 for "1979" there shall be substituted "1992"
       (c) in paragraph 7 for "115 to 119 of the 1979" there shall be substituted "152 to 156 of the 1992" and
       (d) in paragraph 10 for the definition of "the 1979 Act" there shall be substituted—
       ""the 1992 Act" means the Taxation of Chargeable Gains Act 1992."
     
    Finance Act 1991 c. 31.
            23.    In section 72(4) of the Finance Act 1991 for "5(1) of the Capital Gains Tax Act 1979" there shall be substituted "3(1) of the Taxation of Chargeable Gains Act 1992".
     
    Ports Act 1991 c. 52
            24.—(1) In section 16 of the Ports Act 1991 for "Capital Gains Tax Act 1979" and "29A(1)" there shall be substituted respectively "1992 Act" and "17(1)".

        (2) In section 17 of that Act—
       (a) for "1979" (wherever it occurs) there shall be substituted "1992"
       (b) in subsection (6) for "278(3) or (3C) of the Income and Corporation Taxes Act 1970" there shall be substituted "178(3) or (5) or 179(3) or (6) of the 1992 Act"
       (c) in subsection (7)—
         (i) for paragraph (a) there shall be substituted—
         " (a) "the relevant six-year limit" means in relation to section 178(3) or 179(3) the six year period mentioned in section 178(1) or 179(1) and in relation to section 178(5) or 179(6) the six year period mentioned in 178(5)(a) or 179(6)(a); and"
        ; and
         (ii) in paragraph (b) for "278(3)", "278(3C)" and "subsection (3D) of that section" there shall be substituted "178(3) or 179(3)", "178(5) or 179(6)" and "section 178(6) or 179(7)" respectively; and
       (d) in subsection (13) for "272 to 281 of the Income and Corporation Taxes Act 1970", "(1E) and (1F) of section 272" and "(1E)" there shall be substituted "170 to 181 of the 1992 Act", "(7) and (8) of section 170" and "(7)" respectively.
        (3) In section 18 of that Act—
       (a) in subsections (2) and (8) for "1979" there shall be substituted "1992"
       (b) in subsection (4) for "267(1) or 273(1) of the Income and Corporation Taxes Act 1970" there shall be substituted "139(1) or 171(1) of the 1992 Act".
        (4) In section 20 of that Act for "27 of the Capital Gains Tax Act 1979" there shall be substituted "28 of the 1992 Act".

        (5) In section 35 of that Act—
       (a) in subsection (3) for "Capital Gains Tax Act 1979" there shall be substituted "1992 Act" and
       (b) in subsection (6) for "278 of the Income and Corporation Taxes Act 1970" and "273 to 281" there shall be substituted "178 or 179 of the 1992 Act" and "171 to 181".
        (6) In section 40(1) of that Act there shall be added at the end
     "and
     "the 1992 Act" means the Taxation of Chargeable Gains Act 1992."
     
    British Technology Group Act 1991 c. 66
            25.    In section 12(2) of the British Technology Group Act 1991 for "345 of the Income and Corporation Taxes Act 1988" there shall be substituted "8 of the Taxation of Chargeable Gains Act 1992".
     
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