[F1140DA.Securities issued on division of businessU.K.
(1)This section applies where—
(a)a transfer of assets to which section 140A(1A) or 140C(1A) applies has taken place,
(b)the transferor and the transferee (or each of the transferees) are each resident in a member State,
(c)they are not all resident in the same State, and
(e)the transfer does not constitute or form part of a scheme of reconstruction within the meaning of section 136.
(2)Where this section applies, the transfer shall be treated for the purposes of section 136 as if it were a scheme of reconstruction.
(3)Where section 136 applies by virtue of subsection (2) above section 136(6) (and section 137) shall not apply.]
Textual Amendments
F1S. 140DA inserted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 6 (with S.I. 2008/1579, reg. 4(1))