Part 7Derivative contracts
Chapter 5Continuity of treatment on transfers within groups
Transferee leaving group after replacing transferor as party to derivative contract
631Transferee leaving group otherwise than because of exempt distribution
(1)
This section applies if—
(a)
the transferee ceases to be a member of the relevant group, and
(b)
it does not so cease just because of a distribution which is exempt F1as a result of section 1075 of CTA 2010 (exempt distributions).
(2)
F2... This Part applies as if—
(a)
the transferee had assigned its rights and liabilities under the relevant derivative contract immediately before so ceasing,
(b)
the assignment had been for consideration of an amount equal to their fair value at that time, and
(c)
the transferee had immediately reacquired them for consideration of the same amount.
F3(3)
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F3(4)
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