Related Commentary  Related HMRC Manuals

139(1)  Subject to the provisions of this section, where–

(a)any scheme of reconstruction involves the transfer of the whole or part of a company’s business to another company, and

(b)the conditions in subsection (1A) below are met in relation to the assets included in the transfer, and

(c)the first-mentioned company receives no part of the consideration for the transfer (otherwise than by the other company taking over the whole or part of the liabilities of the business),

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