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(1)This section applies if—
(a)a UK resident company carrying on a trade outside the United Kingdom through a permanent establishment (“the transferor”) transfers that trade or part of it to a non-UK resident company (“the transferee”),
(b)the transfer meets conditions A, B and C,
(c)the transfer includes intangible fixed assets that are chargeable intangible assets in relation to the transferor immediately before the transfer (“relevant assets”), and
(d)the transferor makes a claim under this section.
(2)If this section applies, this Part applies in accordance with sections 828 to 830.
(3)Condition A is that the transfer includes—
(a)the whole assets of the transferor used for the purposes of the trade or part, or
(b)the whole of those assets other than cash.
(4)Condition B is that the transfer is wholly or partly in exchange for securities consisting of—
(a)shares within subsection (5) that are issued by the transferee to the transferor, or
(b)shares within paragraph (a) and loan stock that is so issued.
(5)Shares are within this subsection if they—
(a)amount in all to at least one quarter of the ordinary share capital of the transferee, or
(b)do so if taken together with any other shares in the transferee already held by the transferor.
(6)Condition C is that the transfer meets the genuine commercial transaction requirement (see section 831).
(7)No claim may be made under this section if a claim is made in relation to the transfer under section 807B(6) of ICTA (European cross-border transfers of business: application for section 807C of that Act to apply).
(8)In sections 828 to 830 “transferor”, “transferee” and “relevant assets” have the same meaning as in this section.
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