Section 705A Introduction to ChapterF1

This Chapter applies where there is a change in the ownership of a shell company.

In this Chapter—

• “the change in ownership” means the change in ownership mentioned in subsection (1);

• “the company” means the company mentioned in subsection (1);

• “shell company” means a company that—

  1. (a)

     is not carrying on a trade,

  2. (b)

     is not a company with investment business, and

  3. (c)

     is not carrying on a UK property business.