There are currently no known outstanding effects for the Income Tax Act 2007, Section 180B.
(1)The issuing company must meet the financial health requirement at the beginning of period B.
(2)The financial health requirement is that the issuing company is not in difficulty.
(3)The issuing company is “in difficulty” if it is reasonable to assume that it would be regarded as a firm in difficulty for the purposes of the Community Guidelines on State Aid for Rescuing and Restructuring Firms in Difficulty (2004/C 244/02) [F2as those guidelines had effect in the United Kingdom immediately before IP completion day].]
Textual Amendments
F1Ss. 180A, 180B inserted (6.4.2011) (with effect in accordance with Sch. 2 paras. 7(1), 8 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 2 para. 1(4); S.I. 2011/662, art. 2
F2Words in s. 180B(3) inserted (31.12.2020) by The Taxes (State Aid) (Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1499), regs. 1, 4(4)
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