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Income Tax Act 2007

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57(1)Sub-paragraph (2) applies in relation to—U.K.

(a)an administration order under Part 3 of the Insolvency (Northern Ireland) Order 1989 the petition for which was presented before 6 April 2007, or

(b)any corresponding order under the law of a country or territory outside the United Kingdom the proceedings for which were instituted before that date.

(2)Section 252 (as it applies for the purposes of Chapter 6 of Part 4) applies with the substitution for subsection (2) of—

(2)A company is “in administration” if—

(a)it is in administration within the meaning of Schedule B1 to the Insolvency Act 1986, or

(b)there is in force in relation to it—

(i)an administration order under Part 3 of the Insolvency (Northern Ireland) Order 1989, or

(ii)any corresponding order under the law of a country or territory outside the United Kingdom.

(3)For the purposes of sub-paragraph (2), section 252 applies for the purposes of Chapter 6 of Part 4 in any case where—

(a)it is applied by section 138(5),

(b)it applies for the purposes of section 190 as applied by section 141(2), or

(c)it applies for the purposes of section 191 as applied by section 137(7), 139(4), 140(2) or 142(4).

(4)In relation to an administration order under Part 2 of the Insolvency Act 1986 the petition for which was presented before 15 September 2003, section 252 (as applied by section 138(5)) applies with the substitution for subsection (2) of—

(2)A company is “in administration” if there is in force in relation to it—

(a)an administration order under Part 2 of the Insolvency Act 1986 or Part 3 of the Insolvency (Northern Ireland) Order 1989, or

(b)any corresponding order under the law of a country or territory outside the United Kingdom.

(5)Section 252 (as applied by section 138(5)) does not apply in relation to shares issued before 21 March 2000.

(6)In the application of sub-paragraph (5) on or after 21 March 2000, shares—

(a)that were issued on or after 6 April 1998 but before 21 March 2000, and

(b)to which EIS relief or relief under Schedule 5B to TCGA 1992 was attributable immediately before 21 March 2000,

are treated as having been issued on or after 21 March 2000.

F1(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1Sch. 2 para. 57(7)(8) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

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