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Income and Corporation Taxes Act 1970 (repealed 6.4.1992)
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Changes over time for: Section 269A
Version Superseded: 06/04/1992
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- 01/02/1991- Amendment
- 01/02/1991
Point in time - Stop date 06/04/1992- Amendment
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Point in time view as at 01/02/1991. This version of this provision has been superseded.
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F1269A Transfer of a UK trade.U.K.
(1)This section applies where—
(a)a qualifying company resident in one member State (company A)
transfers the whole or part of a trade carried on by it in the United Kingdom to a qualifying company resident in another member State (company B),
(b)the transfer is wholly in exchange for securities issued by company B to company A,
(c)a claim is made under this section by company A and company B,
(d)section 269B below does not prevent this section applying, and
(e)the appropriate condition is met in relation to company B immediately after the time of the transfer.
(2)Where immediately after the time of the transfer company B is not resident in the United Kingdom, the appropriate condition is that were it to dispose of the assets included in the transfer any chargeable gains accruing to it on the disposal would form part of its chargeable profits for corporation tax purposes by virtue of section 11(2)(b) of the Taxes Act 1988.
(3)Where immediately after the time of the transfer company B is resident in the United Kingdom, the appropriate condition is that none of the assets included in the transfer is one in respect of which, by virtue of the asset being of a description specified in double taxation relief arrangements, the company falls to be regarded for the purposes of the arrangements as not liable in the United Kingdom to tax on gains accruing to it on a disposal.
(4)Where this section applies—
(a)the two companies shall be treated, so far as relates to corporation tax on chargeable gains, as if any assets included in the transfer were acquired by company B from company A for a consideration of such amount as would secure that on the disposal by way of transfer neither a gain nor a loss would accrue to company A;
(b)section 127(3) of the Finance Act 1989 (deemed disposal at market value) shall not apply to any such assets by reason of the transfer (if it would apply apart from this paragraph).
(5)For the purposes of subsection (1)(a) above, a company shall be regarded as resident in a member State if it is within a charge to tax under the law of the State because it is regarded as resident for the purposes of the charge.
(6)For the purposes of subsection (5) above, a company shall be treated as not within a charge to tax under the law of a member State if it falls to be regarded for the purposes of any double taxation relief arrangements to which the State is a party as resident in a territory which is not within any of the member States.
(7)In this section—
“qualifying company” means a body incorporated under the law of a member State;
“securities” includes shares.
Textual Amendments
F1Ss. 269A, 269B inserted(retrosp.) in relation to transfers taking effect on or after 1.1.1992 by Finance (No. 2) Act 1992 (c. 48), s.47.
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