How are degrouping charge references in the Ports Act 1991 updated by paragraph 24?

References to section 278 of the Income and Corporation Taxes Act 1970 governing degrouping charges and the six-year time limit are replaced by references to sections 178 and 179 of the Taxation of Chargeable Gains Act 1992. The six-year time limit is now defined by reference to sections 178(1), 179(1), 178(5)(a), and 179(6)(a) of the 1992 Act.

Which Ports Act 1991 sections are amended to reflect intra-group transfer and reconstruction provisions?

Section 18 of the Ports Act 1991 is amended so that references to sections 267(1) and 273(1) of the 1970 Act become references to section 139(1) (reconstructions involving transfer of a business) and section 171(1) (intra-group transfers at no gain/no loss) of the Taxation of Chargeable Gains Act 1992.

What new definition is inserted into the Ports Act 1991 by paragraph 24?

A new definition of 'the 1992 Act' is inserted into section 40(1) of the Ports Act 1991, meaning the Taxation of Chargeable Gains Act 1992. This provides a single shorthand reference used throughout the amended provisions, replacing the earlier references to the Capital Gains Tax Act 1979 and 1970 Act.

Taxation of Chargeable Gains Act 1992 section Sch 10 para 24

Q: What does Schedule 10, paragraph 24 of the Taxation of Chargeable Gains Act 1992 do?

Paragraph 24 updates cross-references in the Ports Act 1991 so they point to the Taxation of Chargeable Gains Act 1992 instead of the Capital Gains Tax Act 1979 and the Income and Corporation Taxes Act 1970. The substantive effect of the rules is unchanged; only the statutory references are modernised to reflect the 1992 consolidation.

Ports Act 1991 c. 52

Schedule 10, paragraph 24 updates cross-references in the Ports Act 1991 so that they point to the corresponding provisions of the Taxation of Chargeable Gains Act 1992 instead of the earlier Capital Gains Tax Act 1979 and the Income and Corporation Taxes Act 1970.

References to the Capital Gains Tax Act 1979 throughout the Ports Act 1991 are replaced with references to the Taxation of Chargeable Gains Act 1992.
Section numbers relating to group relief, degrouping charges, and the relevant six-year time limits are updated to their 1992 Act equivalents (for example, sections 170–181 replace sections 272–281 of the 1970 Act).
Provisions on the transfer of assets within groups and company reconstructions now refer to sections 139(1) and 171(1) of the 1992 Act rather than to sections 267(1) and 273(1) of the 1970 Act.
A new definition of "the 1992 Act" (meaning the Taxation of Chargeable Gains Act 1992) is inserted into the interpretation section of the Ports Act 1991.

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