Section 162C Disincorporation relief: post-FA 2002 goodwillF1

(1)

This section applies where—

(a)

a company transfers its business to some or all of the shareholders of the company,

(b)

a claim for disincorporation relief in respect of the transfer has been made under section 58 of the Finance Act 2013, and

(c)

section 849A of CTA 2009 (disincorporation relief: transfer values for post-FA 2002 goodwill) applies to the transfer of the goodwill of the business.

(2)

The acquisition of the goodwill of the business is deemed to be for a consideration equal to the value at which the goodwill is treated as transferred by virtue of section 849A of CTA 2009.

Annotations

Textual amendments

F1: Ss. 162B, 162C and cross-heading inserted (with effect in accordance with s. 61(6) of the amending Act) by Finance Act 2013 (c. 29), s. 61(1)

Notes on Part V

Textual amendments

F1: Words in Pt. 5 heading inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 1(1)
F2: Words in Act substituted (with effect for the tax year 2020-21 and subsequent tax years) by Finance Act 2020 (c. 14), Sch. 3 paras. 7(2)(a), 8 (with Sch. 3 para. 7(3))

Notes on Chapter I

Textual amendments

F1: Words in Pt. 5 Ch. 1 heading inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 1(2)