Section 429 | Disapplication of Chapter where transparent entities involved

(1)This Chapter does not apply in relation to the transfer of business if the transferor is a transparent entity.

(2)If any transferee is a transparent entity, sections 424 and 425 (reorganisations involving loan relationships) do not apply.

(3)In this section “transparent entity” means a company which is resident in a member State ... and does not have an ordinary share capital.

(4)For the meaning of “resident in a relevant state”, see section 430.