Section 705A | Introduction to Chapter

(1)This Chapter applies where there is a change in the ownership of a shell company.

(2)In this Chapter—

“the change in ownership” means the change in ownership mentioned in subsection (1);

“the company” means the company mentioned in subsection (1);

“shell company” means a company that—

(a)is not carrying on a trade,

(b)is not a company with investment business, and

(c)is not carrying on a UK property business.