Section 674 Introduction to Chapter

condition A or B is met, and

each of the companies mentioned in subsection (2)(a) or (3)(a) makes a claim under this section,

a company resident in one F1relevant state transfers to a company resident in another relevant state the whole or part of a business carried on in the United Kingdom,

the transfer is wholly in exchange for shares or debentures issued by the transferee to the transferor, and

immediately after the transfer the transferee is within the charge to corporation tax.

a company transfers part of its business to one or more companies,

the transferor is resident in one F2relevant state,

the part of the transferor's business which is transferred is carried on by the transferor in the United Kingdom,

at least one transferee is resident in a F3relevant state other than that in which the transferor is resident (and each transferee is resident in a relevant state, but not necessarily the same one),

the transferor continues to carry on a business after the transfer,

immediately after the transfer each transferee is within the charge to corporation tax, and

the transfer—