Section 782 | Certain transferees of businesses etc not treated as leaving group

(1)This section applies if—

(a)the relevant asset is transferred in the course of a transfer of business to which section 820 applies or which includes such a transfer as is mentioned in section 116(2)(b)(iii) of TIOPA 2010 and in respect of which section 117 of that Act applies (European cross-border transfers of business), and

(b)in consequence of the transfer the transferee ceases to be a member of a group (“Group 1”).

(2)For the purposes of section 780, the transferee is not treated as having left Group 1.

(3)If as a result of the transfer the transferee becomes a member of another group (“Group 2”), it is treated for the purposes of section 780 as if Group 1 and Group 2 were the same.

(4)References in this section to “the transferee” and “the relevant asset” must be read in accordance with section 780.