C3C1C2Part 7Derivative contracts
Pt. 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)
Pt. 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))
Chapter 9European cross-border transfers of business
Exception for tax avoidance cases and clearances
677Tax avoidance etc
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.
Pt. 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)