Section 782 Certain transferees of businesses etc not treated as leaving groupC1

United Kingdom

(1)

This section applies if—

(a)

the relevant asset is transferred in the course of a transfer of business to which section 820 applies or which includes such a transfer as is mentioned in F1section 116(2)(b)(iii) of TIOPA 2010 and in respect of which F2section 117 of that Act applies (European cross-border transfers of business), and

(b)

in consequence of the transfer the transferee ceases to be a member of a group (“Group 1”).

(2)

For the purposes of section 780, the transferee is not treated as having left Group 1.

(3)

If as a result of the transfer the transferee becomes a member of another group (“Group 2”), it is treated for the purposes of section 780 as if Group 1 and Group 2 were the same.

(4)

References in this section to “the transferee” and “the relevant asset” must be read in accordance with section 780.

Annotations

Textual amendments

F1: Words in s. 782(1)(a) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 94(a) (with Sch. 9 paras. 1-9, 22)
F2: Words in s. 782(1)(a) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 94(b) (with Sch. 9 paras. 1-9, 22)

Modifications

C1: Pt. 8 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)

Notes on Part 8

Modifications

C1: Pt. 8 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 6(1)
C2: Pt. 8 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)
C3: Pt. 8 modified (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 2 para. 6(1); S.I. 2011/2329, art. 3
C4: Pt. 8 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 1(3); S.I. 2012/628, art. 3(b)
C5: Pt. 8 modified (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 3(1); S.I. 2011/2576, art. 5
C7: Pt. 8 modified (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 35, 45 (with Sch. 5 para. 36)