C1SCHEDULE 1CROSS-BORDER TRANSFERS OF BUSINESS
PART 4AMENDMENTS OF FA 2002
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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
”
.
Sch. 1 modified (retrospective to 29.11.2007) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2008 (S.I. 2008/1579), regs. 1(2), 4