•a UK company within the charge to corporation tax on capital gains
•transfers assets that it used in a trade through a permanent establishment (a PE) outside the UK in exchange for securities issued by the transferee
•to a company that is not resident in the UK.
Then provided all of the other relevant conditions are met any charge to tax on the disposal by the transferor company is deferred until there is a disposal of the securities that the transferor company received in the transferee. See CG45733 and CG45660+ for a fuller explanation.