(2) For the purposes of the application of the Income Tax Act 2007 in relation to any property transferred to the company pursuant to this Act, the property shall be acquired by the company at the market value of such property.
(3) For the purposes of the Goods and Services Tax Act 1985, the transfer of the undertaking or any other transaction permitted under sections 3 and 5 of this Act shall be deemed to be the transfer of a part of a taxable activity as a going concern that is capable of separate operation.
(4) For the avoidance of doubt, it is declared that the Board has been a local authority for the purposes of the Income Tax Act 2007 since 1 November 1989 and is not a local authority trading enterprise as defined in section 594B of the Local Government Act 1974.
(5) The transfer of the undertaking under sections 3 and 5 shall be deemed not to be a transfer between associated persons for the purposes of the Income Tax Act 2007.
Section 17 heading: amended, on 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise), by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).
Section 17(1): amended, on 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise), by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).
Section 17(2): amended, on 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise), by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).
Section 17(4): amended, on 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise), by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).
Section 17(5): amended, on 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise), by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).