C1SCHEDULE 1CROSS-BORDER TRANSFERS OF BUSINESS

Annotations:
Modifications etc. (not altering text)

PART 4AMENDMENTS OF FA 2002

20

1

Paragraph 30A M1 of Schedule 26 (transferee leaving group) is amended as follows.

2

After sub-paragraph (5) insert—

5A

Where rights and liabilities under a derivative contract are transferred as part of the process of a transfer to which paragraph 30B or 30D applies, and in consequence of the transfer the transferee company ceases to be a member of a group (“Group 1”)—

a

the transferee shall not be treated for the purposes of this paragraph as having left Group 1, and

b

if in consequence of the transfer the transferee becomes a member of another group (“Group 2”) it shall be treated, for the purposes of this paragraph, as if Group 1 and Group 2 were the same.

3

In sub-paragraph (8), in the definition of “exempt distribution” after “section 213(2)” insert “ or 213A ”.