The Secretary of State may make one or more schemes for the transfer to the Service of—
such of his property, rights and liabilities, or
such of the property, rights and liabilities of a valuation tribunal in England,
as appear to him to be appropriate to be transferred for the performance of the Service's functions.
On the day appointed by a transfer scheme for the coming into force of the scheme, the property, rights and liabilities which are the subject of the scheme shall, by virtue of this subsection, be transferred in accordance with the provisions of the scheme.
Schedule 5 (which makes further provision in relation to transfer schemes) has effect.