Modifications etc. (not altering text)
C1Sch. 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
20.—(1) Paragraph 30A M1 of Schedule 26 (transferee leaving group) is amended as follows.U.K.
(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 ”.
Marginal Citations
M1Paragraph 30A was inserted by paragraph 24(1) of Schedule 7 to the Finance (No. 2) Act 2005.