The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007
1Citation, commencement and effect
2Interpretation
3Amendments of primary legislation
SCHEDULE 1CROSS-BORDER TRANSFERS OF BUSINESS
PART 1AMENDMENTS OF TGCA 1992
1TCGA 1992 is amended as follows.
2Division of UK business
3In section 140B (section 140A: anti-avoidance)— (a) for “company A”...
4Division of non-UK business
5In section 140D (section 140C: anti-avoidance)— (a) for “company A”...
6Treatment of securities issued on transfer of assets
7Held over gains
8After section 154(2C) (new assets which are depreciating assets) (inserted...
9After section 179(1A) (company ceasing to be member of group:...
10Loan relationships
PART 2AMENDMENTS OF ICTA
11ICTA is amended as follows.
12Exempt distributions
13After section 213 (exempt distributions) insert— Exempt distributions: division of...
14In section 218(1) (interpretation of sections 213 to 217)—
PART 3AMENDMENTS OF FA 1996
15Schedule 9 to FA 1996 (loan relationships: special computational provisions)...
16Loan relationships
17In paragraph 12A (transferee leaving group) —
PART 4AMENDMENTS OF FA 2002
18FA 2002 is amended as follows.
19Derivative contracts
20(1) Paragraph 30A of Schedule 26 (transferee leaving group) is...
21Intangible fixed assets
22(1) Paragraph 87 of Schedule 29 (transfer of non-UK trade)...
23After paragraph 58(5) of Schedule 29 insert—
24In paragraph 127 (certain assets to be treated as existing...
PART 5AMENDMENT OF CAA 2001
25Capital allowances
SCHEDULE 2EUROPEAN CROSS-BORDER MERGERS
PART 1AMENDMENTS OF TCGA 1992
1TCGA 1992 is amended as follows.
2For sections 140E (merger leaving assets in the UK tax...
3In section 24(1) (destruction &c. of asset) for “section 144”...
4After section 122(1) (capital distributions) insert— (1A) Subsection (1) is...
5Held over gains
6For section 154(2A) and (2B) (new assets which are depreciating...
7For section 179(1B) and (1C) (de-grouping charge) substitute—
PART 2AMENDMENTS OF FA 1996
8Loan relationships
PART 3AMENDMENTS OF FA 2002
9FA 2002 is amended as follows.
10Derivative contracts
11Intangible assets
12For paragraph 87A of Schedule 29 (SEs: transfer of non-UK...
13In paragraph 88(1) and (5) of Schedule 29 (procedure on...
PART 4AMENDMENTS OF CAA 2001, FA 1988 AND ICTA
14Capital allowances
15Residence of SCE
16Tax treatment of SCE
SCHEDULE 3MERGERS, &C.: TREATMENT OF TRANSPARENT ENTITIES
PART 1AMENDMENT OF TCGA 1992
1Chargeable gains
PART 2AMENDMENT OF FA 1996
2Loan relationships
PART 3AMENDMENTS OF FA 2002
3Derivative contracts
4After paragraph 30F of Schedule 26 (European cross-border mergers) (inserted...
5Intangible assets

2007 No. 3186

CORPORATION TAX

The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007

Made

Laid before the House of Commons

Coming into force

The Treasury make the following Regulations in exercise of the powers conferred by section 110 of the Finance Act 2007 M1.

The Treasury are satisfied in accordance with section 110(3) of the Finance Act 2007 that the following Regulations are necessary for the purpose of complying with the United Kingdom's obligations under the Mergers Directive.

Annotations:
Marginal Citations