631Transferee leaving group otherwise than because of exempt distributionU.K.
(1)This section applies if—
(a)the transferee ceases to be a member of the relevant group, and
(b)it does not so cease just because of a distribution which is exempt [F1as a result of section 1075 of CTA 2010 (exempt distributions)].
(2)F2... This Part applies as if—
(a)the transferee had assigned its rights and liabilities under the relevant derivative contract immediately before so ceasing,
(b)the assignment had been for consideration of an amount equal to their fair value at that time, and
(c)the transferee had immediately reacquired them for consideration of the same amount.
F3(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 631(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 640 (with Sch. 2)
F2Words in s. 631(2) omitted (with effect in accordance with s. 28(4) of the amending Act) by virtue of Finance Act 2014 (c. 26), s. 28(3)(a)
F3S. 631(3)(4) omitted (with effect in accordance with s. 28(4) of the amending Act) by virtue of Finance Act 2014 (c. 26), s. 28(3)(b)
Modifications etc. (not altering text)
C1S. 631 excluded (with effect in accordance with reg. 1(2) of the amending S.I.) by Mutual Societies (Transfers of Business) (Tax) Regulations 2009 (S.I. 2009/2971), regs. 1(1), 25(3)(c) (with reg. 25(6))
C2S. 631 applied (with effect in accordance with reg. 1(2) of the amending S.I.) by Mutual Societies (Transfers of Business) (Tax) Regulations 2009 (S.I. 2009/2971), regs. 1(1), 25(5)(b) (with reg. 25(6))