Part 23 U.K. Company distributions

Modifications etc. (not altering text)

C1 Pt. 23 applied (with modifications) by 2003 c. 1, s. 554AC(3) (as inserted (with effect in accordance with Sch. 1 para. 14 of the amending Act) by Finance Act 2018 (c. 3), Sch. 1 para. 2)

Chapter 5 U.K. Demergers

Introduction U.K.

1074 Purpose of provisions about demergers U.K.

(1) The purpose of the provisions about demergers is to facilitate certain transactions by which trading activities carried on by a single company or group are divided so as to be carried on—

(a) by two or more companies not belonging to the same group, or

(b) by two or more independent groups.

(2) In subsection (1) “the provisions about demergers” means—

(a) this Chapter, except section 1078 (and section 1075, so far as relating to section 1078), and

(b) section 1028 (chargeable payments not treated as repayments of share capital).