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

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Malus and clawback

Malus and clawbackFORTHCOMING CHANGE: On 18 March 2021, it was announced that the government was launching a consultation on wide-ranging reforms to modernise the country’s audit and corporate governance regime, targeting the UK’s biggest businesses and ensuring markets work effectively. In relation

LEXISNEXIS

Specific performance of property agreements

If a party to a property agreement fails to comply with its obligations, the other party may wish to apply for an order for specific performance. Specific performance is an equitable, discretionary remedy which, if granted, compels a party to perform a contractual obligation. This Practice Note

LEXISNEXIS

Rescission of a contract

Rescission of a contractWhat is rescission of a contract?The remedy of rescission is available to a party whose consent, in entering into a contract, has been invalidated in some way:•the effect of rescinding a contract is to extinguish it and restore the parties to their pre-contractual

LEXISNEXIS

Notice to complete

While this Practice Note primarily covers commercial property matters, it also touches on residential considerations.Time is generally not of the essence for completion of a contract for the sale of land. If the seller or the buyer delays completion, the defaulting party will be liable in damages