687Disapplication of Chapter where transparent entities involvedU.K.
This section has no associated Explanatory Notes
(1)This section applies if one or more of the merging companies is a transparent entity.
(2)If as a result of the merger the assets and liabilities of a transparent entity are transferred to another company, this Chapter does not apply in relation to the transfer.
(3)In this section “transparent entity” means a company which is resident in a member State F1... and which does not have an ordinary share capital.
Textual Amendments
F1Words in s. 687(3) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 16(15) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)