797. Trustee investments.

797.     Trustee investments.



    (1)     any property, rights or liabilities are transferred under a transfer scheme1 to a transferee2 which at the time of the transfer is a company wholly owned by the Crown3;


    (2)     at a time after the transfer the transferee is a company whose shares or debentures are included in the Official List4; and


    (3)     immediately before its shares or debentures are admitted to the Official List the transferee is wholly owned by the Crown5,

then the transferee is taken to have paid a dividend