Crossrail Bill

Schedule 12 already provides for the granting of new land interests as part of a transfer of assets between or from public bodies. These are known as transfer schemes. The proposed amendments to schedule 12 will enable the simple grant of new land interests, such as a lease, to happen by way of a transfer scheme even where that is separate from the transfer of other assets. The amendment will enable the Secretary of State to retain flexibility in how she puts in place land ownership arrangements required for Crossrail. The amendments proposed to schedule 13 are consequential and avoid a tax distinction arising that is based on the type of transfer scheme under which a lease is created.