Paragraph 5 F1

(1)

A falls within this case if—

(a)

there has been a relevant transfer to A, or

(b)

there has been a relevant transfer to a body corporate or partnership that A controls, or has significant influence over.

(2)

For the purposes of sub-paragraph (1) “relevant transfer” means a transfer of—

(a)

the whole of the business of a person carrying on business as a promoter;

(b)

any part of such a business that relates to the promotion of relevant arrangements or relevant proposals;

(c)

property, rights or liabilities of such a business that are connected with the promotion of relevant arrangements or relevant proposals.

(3)

In sub-paragraph (2) “transfer” means any transfer in substance (whether or not the transfer is formal or for consideration, and whether or not the transfer is direct).

(4)

Sub-paragraphs (5) to (11) of paragraph 13A of Schedule 34 (meaning of “control” and “significant influence”) apply to this paragraph as they apply to Part 2 of that Schedule.

Annotations

Textual amendments

F1: Sch. 33A inserted (with effect in accordance with s. 121(6) of the amending Act) by Finance Act 2021 (c. 26), Sch. 30 para. 10