Sch 15 para 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 period of 90 days ending with the licence transfer date referred to in sub-paragraph (2)(a), or (ii) the period of 90 days beginning with that date. (4) For the purposes of sub-paragraph (2)(b)(ii)— (a) a “hive down election” is an election in respect of which the hive down condition is met, and (b) the “ permitted period ” in relation to a hive down election in respect of the TTH asset is the period of 180 days ending with the licence transfer date referred to in sub-paragraph (2)(a). (5) The “hive down” condition is met for the purposes of a TTH election if the seller and purchaser— (a) are associated with one another on the licence transfer date, but (b) before the end of the period of 90 days beginning with that date, the purchaser ceases to be associated with— (i) the seller, and (ii) any other company that is associated with the seller. (6) See paragraph 98 of this Schedule and section 271 of CTA 2010 for further provision about the meaning of “associated companies”.