# Corporation Tax Act 2009, Section 631: Transferee leaving group otherwise than because of exempt distribution

Extent: E+W+S+N.I.

(1) This section applies if—
(a) the transferee ceases to be a member of the relevant group, and
(b) it does not so cease just because of a distribution which is exempt as a result of section 1075 of CTA 2010 (exempt distributions).
(2) ... This Part applies as if—
(a) the transferee had assigned its rights and liabilities under the relevant derivative contract immediately before so ceasing,
(b) the assignment had been for consideration of an amount equal to their fair value at that time, and
(c) the transferee had immediately reacquired them for consideration of the same amount.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/ukpga/2009/4/section/631 (the official version)
Page: https://openlegislation.uk/corporation-tax-act-2009/section-631
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.