Introduction Details of Schedule 39 Part 2: Repeal of harbour reorganisation scheme reliefs
22.Paragraph 14 repeals section 45 of FA 1966 which provides exemption from stamp duty for the transfer of stock or marketable securities to a Harbour Authority in connection with a certified harbour reorganisation scheme.
23.Paragraph 15 repeals section 221 of the Taxation of Chargeable Gains Act 1992 (TCGA).  That section provides that chargeable assets transferred from a company to a statutory Harbour Authority under a certified harbour reorganisation scheme are treated for tax purposes as transferred at the value which creates neither a gain nor a loss for the transferor.
24.The effect of the repeal on such a transfer occurring on or after the commencement date is that the assets will be treated as passing at market value.
25.Paragraph 16 repeals sections 991 to 995 of the Corporation Tax Act (CTA) 2010. These sections provide a number of corporation tax reliefs applying where the trade and assets of a company are transferred to a statutory Harbour Authority under a certified harbour reorganisation scheme.  The effects of repealing these sections on such a transfer occurring on or after the commencement date are that:
	the trade of the transferor will be treated as discontinued at the date of the transfer for all the purposes of the Corporation Taxes Acts, and the transferee will be treated a starting to carry on the trade at that date;
	the transferee will not be entitled to any surplus losses of the trade incurred by the transferor;
	the transferor will be treated as having disposed of any assets used in the trade which are sold or transferred under the scheme, and will be subject to any allowances or charges arising in accordance with the Capital Allowances Act 2001 (CAA);
	the transferee will not be entitled to corporation tax relief for any allowable capital losses that the transferor would have been entitled to claim if it had continued to carry on the trade.
26.Paragraph 17 makes a number of consequential changes, removing references to section 221 of TCGA.
27.Paragraph 18(1) provides for the amendments made by paragraph 14 to have effect in relation to instruments executed on or after 1 April 2013.
28.Paragraph 18(2) provides for the amendments made by paragraphs 15 to 17 to be effective in relation to transfers of trade and assets under certified harbour reorganisation schemes occurring on or after 1 April 2013.