120 Introduction to section 121
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

Transparent entities involved in cross-border transfers and mergers

120  Introduction to section 121

(1)     Section 121 applies if, as a result of—

(a)     a relevant loan relationship transaction,

(b)     a relevant derivative contracts transaction, or

(c)     a relevant intangible fixed assets transaction,

tax would have been chargeable under the law of a member State . . . in respect of a relevant profit but for the Mergers Directive.

(2)     In this section “relevant loan relationship transaction” means—

(a)     a transfer of a kind which meets condition A or B in section 421 of CTA 2009 or would meet one of those conditions if—

(i)     the business or part of the business transferred were carried on by the transferor in the United Kingdom, and

(ii)     the condition in section 421(3)(c) or (4)(f) of that Act were met,

and in relation to which the transferor or transferee or one of the transferees is a transparent entity, or

(b)     a merger of a kind mentioned in section 431(2) of that Act which meets—

(i)     conditions B to D in section 431,

(ii)     in the case of a merger within section 431(3)(a), (b) or (c), condition E in section 431, and

(iii)

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