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22 1997

FINANCE ACT, 1997

FIFTH SCHEDULE

Replacement of Harbour Authorities by Port Companies

Section 48 .

Interpretation

1. In this Schedule—

relevant port company” means a company formed pursuant to section 7 or 87 of the Harbours Act, 1996;

relevant transfer” means—

(a) the vesting in a relevant port company of assets in accordance with section 96 of the Harbours Act, 1996, and

(b) the transfer to a relevant port company of rights and liabilities in accordance with section 97 of the said Act of 1996.

Capital Allowances

2. (1) The provisions of this paragraph shall have effect for the purposes of—

(a) allowances and charges provided for in Parts XIII to XVIII of the Income Tax Act, 1967 , or any other provision of the Income Tax Acts relating to the making of allowances or charges under or in accordance with any of those Parts, and

(b) allowances or charges provided for by section 14 of the Corporation Tax Act, 1976 .

(2) The relevant transfer shall not be treated as giving rise to any such allowance or charge under any of the provisions referred to in subparagraph (1).

(3) There shall be made to or on the relevant port company in accordance with section 14 of the Corporation Tax Act, 1976 , all such allowances and charges in respect of an asset acquired by it in the course of a relevant transfer as would have fallen to be made if—

(a) allowances in relation to the asset made to the person from whom the asset was acquired had been made to the relevant port company, and

(b) everything done to or by that person, in relation to the asset had been done to or by the relevant port company.

Capital Gains

3. (1) The provisions of this paragraph shall have effect for the purposes of the Capital Gains Tax Acts and of the Corporation Tax Act, 1976 , in so far as it relates to chargeable gains.

(2) The disposal of an asset by a person in the course of a relevant transfer shall be deemed to be for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the person.

(3) Where subparagraph (2) has had effect in relation to a disposal of an asset, then in relation to any subsequent disposal of the asset by the relevant port company, the relevant port company shall be treated as if the acquisition or provision of the asset by the person from whom it was acquired by the said relevant port company was that company's acquisition or provision of it.

(4) For the purposes of section 28 of the Capital Gains Tax Act, 1975 , the relevant port company and the person from whom an asset was acquired in the course of a relevant transfer, shall be treated as if they were the same person.