Modifications etc. (not altering text)
C1Pt. 5 applied (with effect in accordance with Sch. 24 paras. 13-16 of the amending Act) by Finance Act 2009 (c. 10), Sch. 24 para. 15(2)(3)
(1)This Chapter does not apply in relation to the transfer of business if the transferor is a transparent entity.
(2)If any transferee is a transparent entity, sections 424 and 425 (reorganisations involving loan relationships) do not apply.
(3)In this section “transparent entity” means a company which is resident in a member State other than the United Kingdom and does not have an ordinary share capital.
(4)For the meaning of “resident in a member State”, see section 430.