429Disapplication of Chapter where transparent entities involvedU.K.
(1)This Chapter does not apply in relation to the transfer of business if the transferor is a transparent entity.
(2)If any transferee is a transparent entity, sections 424 and 425 (reorganisations involving loan relationships) do not apply.
(3)In this section “transparent entity” means a company which is resident in a member State F1... and does not have an ordinary share capital.
(4)For the meaning of “resident in a [F2relevant state]”, see section 430.
Textual Amendments
F1Words in s. 429(3) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 16(5)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in s. 429(4) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 16(5)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)