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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2013 - onwards
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631. Transfer of assets generally.

(1)

(a) This section shall apply where a company transfers the whole of a trade carried on by it in the State to another company and the consideration for the transfer consists solely of the issue to the transferring company of securities (in this section referred to as "the new assets") in the receiving company.

(b) A company which transfers part of a trade to another company shall be treated for the purposes of this section as having carried on that part of its trade as a separate trade.

(2)

(a) The transfer shall not be treated as giving rise to any allowance or charge provided for by section 307 or 308.

(b) There shall be made to or on the receiving company in accordance with sections 307 and 308 all such allowances and charges as would, if the transferring company had continued to carry on the trade and had continued to use the transferred assets for the purposes of the trade, have been made to or on the transferring company in respect of any assets transferred in the course of th

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