SCHEDULE 1 U.K.CROSS-BORDER TRANSFERS OF BUSINESS

Modifications etc. (not altering text)

C1 Sch. 1 modified (retrospective to 29.11.2007) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2008 (S.I. 2008/1579), regs. 1(2), 4

PART 1 U.K.AMENDMENTS OF TGCA 1992

Treatment of securities issued on transfer of assets U.K.

6.  After section 140D insert—

“140DA.    Securities issued on division of business

(1) This section applies where—

(a) a transfer of assets to which section 140A(1A) or 140C(1A) M1 applies has taken place,

(b) the transferor and the transferee (or each of the transferees) are each resident in a member State,

(c) they are not all resident in the same State, and

(e) the transfer does not constitute or form part of a scheme of reconstruction within the meaning of section 136.

(2) Where this section applies, the transfer shall be treated for the purposes of section 136 as if it were a scheme of reconstruction.

(3) Where section 136 applies by virtue of subsection (2) above section 136(6) (and section 137) shall not apply.”.

Marginal Citations

M1 Sections 140A(1A) and 140C(1A) are inserted by paragraph 2 of Schedule 2 to these Regulations.