Part V Transfer of business assetsF4, entrepreneurs' relief and investors' relief
Chapter II Gifts of business assets
167 Gifts to foreign-controlled companies.
1
F3Subject to section 167A, section 165(4) shall not apply where the transferee is a company which is within subsection (2) below.
2
A company is within this subsection if it is controlled by a person who, or by persons each of whom—
a
is F1not resident in the United Kingdom, and
b
is connected with the person making the disposal.
3
For the purposes of subsection (2) above, a person who (either alone or with others) controls a company by virtue of holding assets relating to that or any other company and who is resident F2in the United Kingdom is to be regarded as not resident there if—
a
he is regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom, and
b
by virtue of the arrangements he would not be liable in the United Kingdom to tax on a gain arising on a disposal of the assets.
Words in Pt. 5 heading inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 1(1)