(1) Notwithstanding any provision to the contrary in the Corporation Tax Acts, a company shall not be chargeable to corporation tax in respect of chargeable gains accruing to it on relevant disposals, and accordingly -
(a) such gains shall not be regarded as profits of the company for the purposes of corporation tax, and
(b) the company shall be chargeable to capital gains tax under the Capital Gains Tax Acts in respect of those gains.
(2) Sections 617 and 621 to 626 shall apply with any necessary modifications in relation to capital gains tax to which a company is chargeable on chargeable gains accruing to the company on a relevant disposal as they apply in relation to corporation tax on chargeable gains, and references in those sections to corporation tax shall be construed as including references to capital gains tax.
(a) Where a company which is or has been a member of a group of companies (within the meaning of section 616) makes a relevant disposal of an asset which, as a res
…