{
  "url": "https://openlegislation.uk/corporation-tax-implementation-of-the-mergers-directive-regulations-2007/schedule-1/paragraph-21",
  "json_url": "https://openlegislation.uk/corporation-tax-implementation-of-the-mergers-directive-regulations-2007/schedule-1/paragraph-21.json",
  "legislation": "uksi/2007/3186",
  "legislation_title": "The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007",
  "legislation_url": "https://openlegislation.uk/corporation-tax-implementation-of-the-mergers-directive-regulations-2007",
  "path": "schedule/1/paragraph/21",
  "kind": "paragraph",
  "number": "21",
  "heading": "Intangible fixed assets",
  "text": "(1) Paragraph 85 of Schedule 29 (transfer of UK trade between companies resident in different EU member states) is amended as follows.\n(2) For sub-paragraph (1) substitute—\n“(1) This paragraph applies where—\n(a) an EU company resident in one member State (“the transferor”) transfers the whole or part of the business carried on by it in the United Kingdom to an EU company resident in another member State (“the transferee”),\n(b) the transfer is wholly in exchange for securities issued by the transferee to the transferor, and\n(c) a claim is made under this paragraph by the transferor and the transferee.\n(1A) This paragraph also applies where an EU company transfers part of its business to one or more EU companies if—\n(a) the transferor is resident in one member State,\n(b) the part of the transferor's business which is to be transferred is carried on by the transferor in the United Kingdom,\n(c) at least one transferee is resident in a member State other than that in which the transferor is resident,\n(d) the transferor continues to carry on a business after the transfer,\n(e) a claim is made under this paragraph by the transferor and the transferee (or each of the transferees), and\n(f) either of the following conditions is satisfied.\n(1B) Condition 1 is that the transfer is made in exchange for the issue of shares in or debentures of each transferee company to the persons holding shares in or debentures of the transferor.\n(1C) Condition 2 is that the transfer is not made in exchange for the issue of shares in or debentures of each transferee by reason only, and to the extent only, that a transferee is prevented from complying with Condition 1 by section 658 of the Companies Act 2006 (rule against limited company acquiring own shares) or by a corresponding provision of the law of another member State preventing the issue of shares or debentures to itself.\n(1D) If Condition 2 applies in relation to the whole or part of a transfer, sections 24 and 122 of the Taxation of Chargeable Gains Act 1992 do not apply in relation to the transfer. ”.\n(3) In sub-paragraph (4) for “trade” substitute “ business ”.\n(4) In sub-paragraph (5) after “transferee” insert “ (or each of the transferees) ”.\n(5) The heading above paragraph 85 accordingly becomes “ Transfer of UK business between companies resident in different EU member States ”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2007/3186/schedule/1/paragraph/21",
    "retrieved_at": "2026-10-29T03:41:26.954442+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}