121(1)  This Part applies, and any double taxation arrangements apply, as if the tax that would have been chargeable as mentioned in section 120(1) had been chargeable.

121(2)  In calculating tax notionally chargeable under subsection (1), it is to be assumed–

(a)that, to the extent permitted by the law of the other member State mentioned in section 120(1), losses arising on the relevant transfer are set against profits arising on it, and

(b)that any relief available under that law is claimed.

121(3)  In this section “the relevant transfer” means–

(a)the transfer of assets or liabilities mentioned in section 120(5)(a) or (b),

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.