Section 611(5)

For the purposes of this section— the base value of assets transferred is taken as— the cost of those assets to the transferor company, or if less, the amount at which those assets are stated in the transferor company's accounting records immediately before the transfer; the base value of the liabilities assumed is taken as the amount at which they are stated in the transferor company's accounting records immediately before the transfer.

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Source: legislation.gov.uk · retrieved 2026-09-04