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SCHEDULES

SCHEDULE 13Transfer schemes: tax provisions

Part 5Other provisions concerning transfers between public bodies

Trading losses: change in ownership

30(1)This paragraph applies to a relevant transfer of all the issued share capital of a company (the “transferred company”).

(2)For the purposes of sections 768 to 768E of ICTA, the transfer is not to be taken to result in a change in the ownership of—

(a)the transferred company, or

(b)a company which is a wholly-owned subsidiary of the transferred company when the transfer takes effect.