Section GB 4 — Income Tax Act 2007: Arrangements for grouping tax losses: companies

GB 4 Arrangements for grouping tax losses: companies When this section applies (1) This section applies when— (a) a share in a company (the offset company ) or another company has been subject to an arrangement, including an arrangement directly or indirectly altering rights attached to the shares; and (b) the arrangement allows the offset company to meet the requirements of subparts IC and IP , and section IZ 7 (which relate to the use of tax losses by group companies), as applicable; and (c) a purpose of the arrangement is to defeat the intent and application of those provisions. Company treated as not meeting requirements (2) The offset company is treated as not meeting the requirements of subparts IC and IP and section IZ 7 , as applicable, in relation to the share. Defined in this Act: arrangement , company , share , tax loss , Compare: 2004 No 35 s GC 4