Finance Act 2008

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Certain transfers of assets between companies.

42.— (1) The Principal Act is amended—

(a) in section 615(2)(a)—

(i) in subparagraph (ii) by substituting “before that time,” for “before that time, and”, and in subparagraph (iii) by substituting “of the business), and” for “of the business)”, and

(ii) by inserting the following after subparagraph (iii):

“(iv) the company acquiring the assets is not an authorised investment company (within the meaning of Part XIII of the Companies Act 1990 ) that is an investment undertaking (within the meaning of section 739B),”,

and

(b) in section 617(1) by substituting the following for paragraph (c):

“(c) the other company—

(i) is resident in the State at the time of the disposal or the asset is a chargeable asset in relation to that company immediately after that time, and

(ii) is not an authorised investment company (within the meaning of Part XIII of the Companies Act 1990 ) that is an investment undertaking (within the meaning of section 739B),”.

(2) This section applies as respects a transfer, or as the case may be a disposal, on or after 18 February 2008.