Part 8Intangible fixed assets
Chapter 9Application of this Part to groups of companies
Roll-over relief under Chapter 7 (realisation and reinvestment)
778Relief on reinvestment: acquisition of group company: introduction
1
Chapter 7 (roll-over relief in case of realisation and reinvestment) applies in accordance with section 779 if—
a
a company (“A”) acquires a controlling interest in another company (“B”), and
b
intangible fixed assets (“underlying assets”) are held by B or one or more other companies within subsection (2).
2
A company is within this subsection if—
a
it was not in the same group as A before the acquisition, and
b
as a result of the acquisition it is in the same group as A immediately after it.
3
For this purpose A acquires a controlling interest in B if—
a
A and B are not in the same group,
b
A acquires shares in B, and
c
as a result of the acquisition A and B are in the same group immediately after the acquisition.
4
A claim for relief under Chapter 7 made because of section 779 must be made jointly by A and the company or companies holding the underlying assets concerned.
5
In this section and section 779 expressions that are defined for the purposes of Chapter 7 have the same meaning as in that Chapter.