140 Postponement of charge on transfer of assets to non-resident company
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

140  Postponement of charge on transfer of assets to non-resident company

(1)     This section applies where a company resident in the United Kingdom carries on a trade outside the United Kingdom through a branch or agency and—

(a)     that trade, or part of it, together with the whole assets of the company used for the purposes of the trade or part (or together with the whole of those assets other than cash) is transferred to a company not resident in the United Kingdom;

(b)     the trade or part is so transferred wholly or partly in exchange for securities consisting of shares, or of shares and loan stock, issued by the transferee company to the transferor company;

(c)     the shares so issued, either alone or taken together with any other shares in the transferee company already held by the transferor company, amount in all to not less than one quarter of the ordinary share capital of the transferee company; and

(d)     either no allowable losses accrue to the transferor company on the transfer or the aggregate of the chargeable gains so accruing exceeds the aggregate of the allowable losses so accruing;

and also applies in any case where section 268A

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