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There are currently no known outstanding effects for the Finance Act 2013, Section 58.
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(1)A claim for relief under this section (“disincorporation relief”) may be made where—
(a)a company transfers its business to some or all of the shareholders of the company,
(b)the transfer of the business is a qualifying business transfer (see section 59), and
(c)the business transfer date falls within the period of 5 years beginning with 1 April 2013.
(2)As to the consequences of a claim for disincorporation relief being made, see—
sections 162B and 162C of TCGA 1992;
section 849A of CTA 2009.
(3)In this section and sections 59 to 61 “the business transfer date”, in relation to the transfer of a business, is the date on which the business is transferred.
For this purpose, where the business is transferred under a contract—
(a)the date on which the business is transferred is to be determined in accordance with section 28 of TCGA 1992, and
(b)if the business in question is transferred by more than one contract, then for the purposes of that section the contract under which the business is transferred is to be taken to be the contract under which the goodwill of the business is transferred.
(4)This section and sections 59 and 60 apply to a transfer of a business with a business transfer date of 1 April 2013 or a later date.
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