- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/10/1996)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 10/07/2003
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Income and Corporation Taxes Act 1988, Section 815A is up to date with all changes known to be in force on or before 12 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section applies where section 269C of the 1970 Act or section 140C of the Taxation of Chargeable Gains Act 1992 applies; and references in this section to company A, the transfer and the trade shall be construed accordingly.
[F2(2)Where gains accruing to company A on the transfer would have been chargeable to tax under the law of the relevant member State but for the Mergers Directive, this Part, including any arrangements having effect by virtue of section 788, shall apply as if the amount of tax, calculated on the required basis, which would have been payable under that law in respect of the gains so accruing but for that Directive, were tax payable under that law.]
(5)For the purposes of this section, the required basis is that—
(a)so far as permitted under the law of the relevant member State, any losses arising on the transfer are set against any gains so arising, and
(b)any relief available to company A under that law has been duly claimed.
(6)In this section—
“the Mergers Directive” means the Directive of the Council of the European Communities dated 23rd July 1990 on the common system of taxation applicable to mergers, divisions, transfers of assets and exchanges of shares concerning companies of different member States (no. 90/434/EEC);
“relevant member State” means the member State in which, immediately before the time of the transfer, company A carried on the trade through a branch or agency.]
Textual Amendments
F1S. 815A inserted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 50
F2S. 815A(2) substituted for s. 815A(2)-(4) (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 39
Modifications etc. (not altering text)
C1S. 815A applied (retrospectively) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 140C(5) (as inserted (retrospectively) by Finance (No. 2) Act 1992 (c. 48), s. 45)
S. 815A applied (retrospectively) by Income and Corporation Taxes Act 1970 (c. 10), s. 269C(5) (as inserted (retrospectively) by Finance (No. 2) Act 1992 (c. 48), s. 48)
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