SCHEDULES

F1SCHEDULE 7ACExemptions for disposals by companies with substantial shareholding

Annotations:
Amendments (Textual)
F1

Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1

Part 1The exemptions

Other cases excluded from exemptions

C16

1

The exemptions conferred by this Schedule do not apply—

a

to a disposal that by virtue of any enactment relating to chargeable gains is deemed to be for a consideration such that no gain or loss accrues to the person making the disposal,

b

to a disposal a gain on which would, by virtue of any enactment not contained in this Schedule, not be a chargeable gain, or

c

to a deemed disposal under F2any of sections 116 to 118 of the Finance Act 2012 (deemed disposal on transfer of asset of insurance company from one category to another).

2

The hypothetical disposal referred to in paragraph 2(2)(b) or (3)(b) or paragraph 3(2)(d) shall be assumed not to be a disposal within sub-paragraph (1)(a), (b) or (c) above.