INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) a group roll-over disposal of an asset to a company takes place; and
(b) the company is not the ultimate holding company in relation to the disposal; and
(c) the company ceases, at a particular time ( ``the break-up time'' ) when it has not disposed of the asset, to be a subsidiary of the ultimate holding company in relation to:
(i) if subparagraph (ii) does not apply - the disposal; or
(whether the ceasing is because of the dissolution of the ultimate holding company or any other company or for any other reason); and
(ii) if the disposal is the second or a later disposal in a series of group roll-over disposals - the first of the disposals in the series;
(ca) the cessation referred to in paragraph (c) is not an eligible sub-group break-up;
then the company is taken, for the purposes of this Part:
(d) to have disposed of the asset at the break-up time for a consideration equal to the asset's market value at that time; and
(e) to have immediately re-acquired the asset for that consideration.
(a) a ``group roll-over disposal'' of an asset takes place if section 160ZZO applies to the disposal of the asset; and
(b) a ``series of group roll-over disposals'' of an asset takes place if 2 or more group roll-over disposals of the asset take place without an intervening disposal that is not a group roll-over disposal occurring, but once this section has applied, any disposal before the break-up time does not form part of a series for the purposes of any later application of this section; and
(c) the expression ``subsidiary'' has the same meaning as in section 160G; and
(d) a company ( ``the first company'' ) is the ``ultimate holding company'' in relation to a group roll-over disposal of an asset if:
(i) the first company is not a subsidiary of another company at the time of the disposal; and
(ii) the disposal is to a subsidiary of the first company or to the first company itself; and
(e) if a company has one or more subsidiaries, the company and all of the subsidiaries of the company are a ``sub-group'' and the company is the ``holding company'' ; and
(f) a cessation referred to in paragraph (1)(c) is an ``eligible sub-group break-up'' if:
(i) the company referred to in paragraph (1)(c) is a member of a sub-group at the time of the group roll-over disposal referred to in that paragraph; and
(ii) the transferor and the transferee referred to in section 160ZZO:
(A) if sub-subparagraph (B) does not apply - in relation to the group roll-over disposal; orwere members of the sub-group at the time of the group roll-over disposal concerned; and
(B) if the group roll-over disposal was one of a series of group roll-over disposals - in relation to each of the group roll-over disposals in the series;
(iii) if the company is the holding company of the sub-group - immediately after the cessation, none of the shares in the company are held by the ultimate holding company or by a company that is related to the ultimate holding company; and
(iv) if the company is not the holding company of the sub-group - immediately after the cessation, none of the shares in the company or in the holding company are held by the ultimate holding company or by a company that is related to the ultimate holding company.
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