Modifications etc. (not altering text)
C1Pt. 7 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)
C2Pt. 7 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)
C3Pt. 7 modified by 2007 c. 3, s. 809FZZ(8) (as inserted (with effect in accordance with s. 37(4) of the amending Act) by Finance Act 2016 (c. 24), s. 37(2))
(1)This Chapter does not apply in relation to the transfer of business if—
(a)the transfer of business is not effected for genuine commercial reasons, or
(b)the transfer of business forms part of a scheme or arrangements of which the main purpose, or one of the main purposes, is avoiding liability to corporation tax, capital gains tax or income tax.
(2)But subsection (1) does not prevent this Chapter from applying if before the transfer of business—
(a)the companies mentioned in section 674(2)(a) or (3)(a) have applied to the Commissioners for Her Majesty's Revenue and Customs, and
(b)the Commissioners have notified them that they are satisfied that subsection will not have that effect.
(1)This section applies in relation to an application under section 677(2).
(2)The application must be in writing and must contain particulars of the operations which are to be effected.
(3)The Commissioners for Her Majesty's Revenue and Customs may by notice require the applicant to provide further particulars for the purpose of enabling them to make their decision.
(4)Such a notice may only be given within 30 days of the receipt of the application or of any further particulars previously required under subsection (3).
(5)If such a notice is not complied with within 30 days or such longer period as the Commissioners for Her Majesty's Revenue and Customs may allow, they need not proceed further on the application.
(1)The Commissioners for Her Majesty's Revenue and Customs must notify their decision on an application under section 677(2) to the applicant—
(a)within 30 days of receiving the application, or
(b)if they give a notice under section 678(3), within 30 days of the notice being complied with.
(2)If the Commissioners for Her Majesty's Revenue and Customs—
(a)notify the applicant that they are not satisfied as mentioned in section 677(2)(b), or
(b)do not notify their decision to the applicant within the time required by subsection (1),
the applicant may within 30 days of the notification or of that time require them to transmit the application to the tribunal, together with any notice given and further particulars provided under section 678(3).
(3)In that case any notification by the tribunal has effect for the purposes of section 677(2)(b) as if it were a notification by the Commissioners for Her Majesty's Revenue and Customs.
(4)If any particulars provided under section 678 do not fully and accurately disclose all facts and considerations material for the decision—
(a)of the Commissioners for Her Majesty's Revenue and Customs, or
(b)of the tribunal,
any resulting notification by the Commissioners for Her Majesty's Revenue and Customs or the tribunal is void.