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

9.  After section 179(1A) (company ceasing to be member of group: post appointment day cases) M1 insert— U.K.

“(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.”.

Marginal Citations

M1 Subsections (1) and (1A) of section 179 were substituted by paragraph 4(2) of Schedule 29 to the Finance Act 2000 (c. 17).