SCHEDULES
F1F1F2SCHEDULE 28B Venture Capital Trusts: Meaning of “qualifying holdings”
Sch. 28B inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 70(2), Sch. 14
Company reorganisations etc. involving exchange of shares
11B
1
The Treasury may by regulations make provision for cases where—
a
a holding of shares or securities that meets the requirements of this Schedule is exchanged for other shares or securities,
b
the exchange is made for bona fide commercial reasons and does not form part of a scheme or arrangements of which the main purpose, or one of the main purposes, is the avoidance of tax, and
c
the new shares or securities do not meet some or all of the requirements of this Schedule,
providing that the new shares or securities shall be treated as meeting those requirements.
2
The references in sub-paragraph (1) to an exchange of shares or securities include any form of company reorganisation or other arrangement which involves a holder of shares or securities in a company receiving other shares or securities—
a
whether the original shares or securities are transferred, cancelled or retained, and
b
whether the new shares or securities are in the same or another company.
3
The regulations shall specify—
a
the cases in which, and conditions subject to which, they apply,
b
which requirements of this Schedule are to be treated as met, and
c
the period for which those requirements are to be treated as met.
4
The regulations may contain such administrative provisions (including provision for advance clearances) as appear to the Treasury to be necessary or expedient.
5
The regulations may authorise the Board to give notice to any person requiring him to provide such information, specified in the notice, as they may reasonably require in order to determine whether any conditions imposed by the regulations are met.
6
Regulations under this paragraph—
a
may make different provision for different cases,
b
may include such supplementary, incidental and transitional provisions as appear to the Treasury to be appropriate, and
c
may include provision having retrospective effect.
Sch. 28B repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 240, Sch. 3 Pt. 1 (with Sch. 2)