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(1)Where a close company (“the transferor company”) is a member, but not the principal [F1company], of a group and—
[F2(a)there is—
(i)a disposal of an asset by the transferor company, which is a disposal to which section 171(1) of the 1992 Act applies, or
(ii)by virtue of an election under section 171A(2) of that Act, a deemed transfer by the transferor company to another member of the group,[F3 or
(iii)an election under section 179A of that Act as a result of which a chargeable gain is treated as accruing to the transferor company instead of to another member of the group, or an allowable loss is treated as accruing to another member of the group instead of to the transferor company,]
(aa)the disposal is also, or [F4the election] gives rise to, a transfer of value, and]
(b)the transfer of value has only a small effect on the value of the minority participators’ rights and interests in that company compared with its effect on the value of the other participators’ rights and interests in the company,
the rights and interests of the minority participators shall be left out of account in determining the respective rights and interests of the transferor company’s participators for the purpose of apportioning the value transferred under section 94 above.
(2)For the purposes of subsection (1) above—
(a)[F5Section [F6170 of the 1992 Act] (groups of companies: definitions) applies as for the purposes of sections [F6171 to 181] of that Act], and
(b)a minority participator is a participator of the transferor company who is not, and is not a person connected with, a participator of the principal [F7company] of the group or of any of the principal [F7company’s] participators;
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8
Textual Amendments
F1Finance Act 1989 s. 138(6)(a),with effect from 14March 1989.Originally
“member”.
F2S. 97(1)(a)(aa) substituted for para. (a) (11.5.2001 with effect as mentioned in s. 106(3) of the amending Act) by 2001 c. 9, s. 106
F3S. 97(1)(a)(iii) and preceding word inserted (24.7.2002 with application as mentioned in s. 42(4) of the amending Act) by 2002 c. 23, s. 42(3)(a)
F4Words in s. 97(1)(aa) substituted (24.7.2002 with application as mentioned in s. 42(4) of the amending Act) by 2002 c. 23, s. 42(3)(b)
F5Finance Act 1989 s. 138(6)(b),with effect from 14March 1989.Originally
“the principal member of a group is the member of which all the other members are 75 per cent subsidiaries”.
F6Words in s. 97 substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 8(4)(b) (with ss. 60, 101(1), 201(3)).
F7Finance Act 1989 s. 138(6)(a),with effect from 14March 1989.Originally
“member”
and
“member's”
respectively.
F8 Repealed by Finance Act 1989 s. 138(6)(c)and Sch.17 Part VII,with effect from 14March 1989.
Modifications etc. (not altering text)
C1S. 97 amended (28.7.2000 with effect on or after 1.4.2000) by 2000 c. 17, s. 102, Sch. 29 paras. 1, 14
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