Taxes Consolidation Act 1997 Schedule 26 para 1

Interpretation

Schedule 26 sets out definitions and tax provisions relating to the transfer of assets and liabilities to port companies established under the Harbours Act 1996.

• The Schedule defines a "relevant port company" as a company formed under section 7 or section 87 of the Harbours Act 1996.
• A "relevant transfer" covers the vesting of assets in a relevant port company under section 96 of the Harbours Act 1996, and the transfer of rights and liabilities under section 97 of that Act.
• These definitions underpin the tax treatment of restructurings carried out when harbour authorities were reorganised into corporate form.
• The paragraph provides the interpretive framework for the remaining provisions of the Schedule.