Part 8 TTH Elections: Conditions and Procedure
Finance Act 2019 (2019 c 1) | Legislation

Part 8 TTH Elections: Conditions and Procedure

Election conditions: associated companies

56

(1)     A TTH election may only be made if—

(a)     the seller and purchaser are not associated with one another on the licence transfer date,

(b)     the corporate restructuring condition is met, or

(c)     the hive down condition is met.

(2)     The “corporate restructuring condition†is met for the purposes of a TTH election if —

(a)     the seller and purchaser are associated with one another on the licence transfer date, and

(b)     either—

(i)     a third party election is made in respect of the TTH asset within the permitted period, or

(ii)     a hive down election is made in respect of the TTH asset within the permitted period.

(3)     For the purposes of sub-paragraph (2)(b)(i)—

(a)     a “third party election†is an election made between two companies that are not associated with one another, and

(b)     the “permitted period†in relation to a third party election in respect of the TTH asset is—

(i)     the

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