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The Corporation Tax (Implementation of the Mergers Directive) Regulations 2009
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- 2009 No. 2797
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend section 213(4) of the Income and Corporation Taxes Act 1988 (c.1.) (exempt distributions) to extend the same treatment to distributions involving member State companies as that applicable to distributions involving only UK companies in relation to certain distributions on de-merger.
This is for the purposes of implementing Council Directive 90/434/EEC of 23 July 1990 on cross border mergers of limited liability companies (OJ No. L225, 20.8.90, p.1), as amended by Council Directive 2005/19/EC of 17 February 2005 amending Directive 90/434/EEC 1990 on the common system of taxation applicable to mergers, divisions, transfer of assets and exchanges of shares concerning companies of different member States (OJ No. L 58, 4.3.2005. p.19) (“the Mergers Directive”).
Related instruments are the Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186) and the Corporation Tax (Implementation of the Mergers Directive) Regulations 2008 (S.I. 2008/1579).
A transposition note has been prepared, which sets out how the main elements of the Mergers Directive have been transposed into UK law and is available from CT and VAT team, HMRC, 100 Parliament Street, London, SW1A 2HQ. It is also available on the HMRC website (www.hmrc.gov.uk) and a copy has been placed in the Library of the House of Commons.
A full Impact Assessment has not been produced for this instrument, as no impact on the private or voluntary sectors is foreseen.
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