Taxation of Chargeable Gains Act 1992 section 267

Sharing of transmission facilities

Section 267 provides special capital gains tax treatment for disposals of assets between national broadcasting companies under certified agreements to share transmission facilities.

• The section applies to agreements between national broadcasting companies for sharing transmission facilities, entered into on or after 25th July 1991 and before 1st January 1992 (or a later date specified by the Secretary of State), where the Secretary of State has certified that the section should apply.
• When one party disposes of an asset to another under a qualifying agreement, both parties are treated for corporation tax on chargeable gains purposes as if the acquisition consideration were an amount that produces neither a gain nor a loss for the disposing party.
• Where the asset being disposed of was originally acquired by the disposing party through a part disposal from the other party, special rules apply: the part disposal rules in section 42 are applied without the small part disposal exception, the consideration for the earlier part disposal is treated as nil, and if the disposal falls within rebasing to 31st March 1982, the market value at that date is also treated as nil.
• A national broadcasting company is defined as a body corporate engaged in broadcasting radio or television services, or both, for general reception by wireless telegraphy on a national basis.