SCHEDULE 10 Company Ceasing to be Member of Group
Finance Act 2011 (2011 c 11) | Legislation

SCHEDULE 10 Company Ceasing to be Member of Group

Section 45

Degrouping

1

In section 139 of TCGA 1992 (reconstruction involving transfer of business), after subsection (1A) insert—

“(1B)     Nothing in section 179(3D) prevents the two companies being treated as mentioned in subsection (1).â€

2

In section 171A of TCGA 1992 (election to reallocate gain or loss to another member of the group), omit subsection (7).

3

(1)     Section 179 of TCGA 1992 (company ceasing to be member of group) is amended as follows.

(2)     In subsection (1)(a) for “company B is a member of a group†substitute “company A and company B are members of the same groupâ€.

(3)     In subsection (1A) omit the words from “For this purpose†to the end.

(4)     For subsection (2) substitute—

“(2)     Where two companies cease to be members of the group at the same time, subsection (1) does not have effect as respects the acquisition of an asset by one of the companies from the other if condition A or B is met.

(2ZA)     Condition A is that the companies—

(a)     are both 75 per cent subsidiaries and effective 51 per cent subsidiaries of another company on

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