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Taxation of Chargeable Gains Act 1992, Section 140L is up to date with all changes known to be in force on or before 16 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)In sections 140A to 140K [F2and this section], unless the contrary intention appears—
(a)“the Mergers Directive” means Council Directive [F32009/133/EC,]
(b)“company” means an entity listed as a company in [F4Part A of Annex I] to the Mergers Directive,
[F5(ba)“relevant state” means the United Kingdom or a member State,] and
(c)“transparent entity” means an entity which is resident in a member State F6... and is listed as a company in [F4Part A of Annex I] to the Mergers Directive, but—
(i)does not have an ordinary share capital (within the meaning given by [F7section 1119 of CTA 2010]), and
(ii)if it were resident in the United Kingdom, would not be capable of being a company within the meaning given by the Companies Act 2006.
[F8(2)For the purposes of those sections and subsection (1) above, a company is resident in a relevant state if—
(a)it is within a charge to tax under the law of the relevant state as being resident for that purpose, and
(b)it is not regarded, for the purposes of any double taxation relief arrangements to which the relevant state is a party, as resident in a territory not within a relevant state.]]
Textual Amendments
F1Ss. 140H-140L and cross-heading inserted (with effect in accordance with reg. 3(3) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 3 para. 1 (with S.I. 2008/1579, reg. 4(2))
F2Words in s. 140L(1) inserted (with effect in accordance with reg. 3 of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2008 (S.I. 2008/1579), reg. 1(2), Sch. 1 para. 7
F3Words in s. 140L(1)(a) substituted (1.7.2011) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2011 (S.I. 2011/1431), regs. 1(2), 2(3)(a)
F4Words in s. 140L(1)(b)(c) substituted (1.7.2011) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2011 (S.I. 2011/1431), regs. 1(2), 2(3)(b)
F5S. 140L(1)(ba) inserted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(12)(a)(i) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
F6Words in s. 140L(1)(c) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(12)(a)(ii) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
F7Words in s. 140L(1)(c)(i) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 235 (with Sch. 2)
F8S. 140L(2) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(12)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
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