(1) Section 187 of TCGA 1992 (postponement of charge on deemed disposal under section 185) is repealed.
(2) The following amendments have effect in consequence of that repeal.
(3) In section 185(1) of TCGA 1992 (deemed disposal of assets on company ceasing to be resident in UK) for “and section 187 apply” substitute “ applies ” .
(4) In Schedule 3ZB to TMA 1970 (CT exit charge payment plans)—
(a) in paragraph 2(3) (meaning of “exit charge provisions” in Part 1) omit paragraph (b), and
(b) in paragraph 3 (interpretation: exit charge assets and liabilities)—
(i) in subparagraph (2)(a) omit “, (b)”, and
(ii) in subparagraph (2)(c)(ii) omit “or (b)”.
(5) The amendments made by this paragraph have effect in relation to a company in a case where section 185 of TCGA 1992 applies to the company by reason of its ceasing to be resident in the United Kingdom on or after 1 January 2020.
(1) Sections 860 to 862 of CTA 2009 (postponement of gain on deemed realisation under section 859) are repealed.
(2) The following amendments have effect in consequence of that repeal.
(3) In section 859 of CTA 2009 (asset ceasing to be chargeable intangible asset: deemed realisation at market value) omit subsection (3).
(4) In Schedule 3ZB to TMA 1970 (CT exit charge payment plans)—
(a) in paragraph 2(3) (meaning of “exit charge provisions” in Part 1)—
(i) at the end of paragraph (e) insert “ and ” , and
(ii) omit paragraph (g) and the “and” immediately before it, and
(b) in paragraph 3 (interpretation: exit charge assets and liabilities) in subparagraph (2)(c)(i) omit “or (g)”.
(5) The amendments made by this paragraph have effect in relation to a company in a case where section 859 of CTA 2009 applies to the company by reason of its ceasing to be resident in the United Kingdom on or after 1 January 2020.
