Section 140DA Securities issued on division of businessF1

United Kingdom

(1)

This section applies where—

(a)

a transfer of assets to which section 140A(1A) or 140C(1A) applies has taken place,

(b)

the transferor and the transferee (or each of the transferees) are each resident in a F2relevant state,

(c)

they are not all resident in the same F3relevant state, and

(e)

the transfer does not constitute or form part of a scheme of reconstruction within the meaning of section 136.

(2)

Where this section applies, the transfer shall be treated for the purposes of section 136 as if it were a scheme of reconstruction.

(3)

Where section 136 applies by virtue of subsection (2) above section 136(6) (and section 137) shall not apply.

Annotations

F1: S. 140DA inserted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 6 (with S.I. 2008/1579, reg. 4(1))
F2: Words in s. 140DA(1)(b) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(4)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
F3: Words in s. 140DA(1)(c) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(4)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)

C1: Pt. IV: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)

C1: Pt. IV Ch. II modified (1.1.1999) by The European Single Currency (Taxes) Regulations 1998 (S.I. 1998/3177), regs. 1, 39
C2: Pt. IV Ch. II modified (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 15 para. 88