C1SCHEDULE 1CROSS-BORDER TRANSFERS OF BUSINESS
Annotations:
Modifications etc. (not altering text)
PART 1AMENDMENTS OF TGCA 1992
9
After section 179(1A) (company ceasing to be member of group: post appointment day cases) M1 insert—
1AA
If shares in a company are transferred as part of the process of the transfer of a business to which section 140A or 140C applies and in consequence of the transfer the company ceases to be a member of a group (“Group 1”)—
a
the company shall not be treated for the purposes of this section as having left Group 1, and
b
if the transferee is a member of a group (“Group 2”) and in consequence of the transfer the company becomes a member of Group 2 it shall be treated, for the purposes of this section, as if Group 1 and Group 2 were the same.
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