Section 819 European cross-border transfers of business: introduction

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,

F1a relevant company resident in one F2relevant state transfers the whole or part of the business carried on by it in the United Kingdom to a relevant company resident in another relevant state, and

the transfer is wholly in exchange for securities issued by the transferee to the transferor.

F3a relevant company transfers part of its business to one or more F4relevant companies,

the transferor is resident in one relevant 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 relevant state other than that in which the transferor is resident,

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

the transfer—

it is within a charge to tax under the law of the F6relevant state as being resident for that purpose, and

it is not regarded, for the purpose of any double taxation relief arrangements to which the relevant state is a party, as resident in a territory not within a relevant state.

“company” means any entity listed as a company in F7Part A of Annex I to the Mergers Directive,

“relevant company” means a body incorporated under the law of a relevant state,

“relevant state” means the United Kingdom or a member State,

“securities” includes shares,

“transferee” has the same meaning as in subsection (2) or (3), and

“the transferor” has the same meaning as in subsection (2) or (3).