Where the business that is being transferred by way of a transfer of assets or partial division is carried on by a UK resident company through a permanent establishment in another member state TCGA 1992 section 140(C) provides for different treatment to that covered by section 140A, see CG45702+ above. The general principle is that unlike section 140A which provides for no gain no loss treatment at the asset tier under section 140C a charge to tax can arise at the time of the transfer at the asset tier but where appropriate the transferor company must have the opportunity of setting against any charge to tax notional double taxation relief.

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