Finance Act 2006

Valid from 19/07/2006

Anti-avoidance U.K.

27 U.K. In section 132—

(a) the reference in subsection (2) to disposal by the company shall be treated as a reference to disposal by a member of the group, and

(b) the reference in subsection (3)(a) to C (tax-exempt) shall be treated as a reference to G (property rental business).

28 (1) Section 132(2) and (3) shall apply where a UK resident company ceases to be a member of a group to which Part 4 applies if— U.K.

(a) Part 4 had applied to the group for a continuous period of less than ten years, or

(b) the company had been a member of the group for a continuous period of less than ten years.

(2) In the application of section 132(2) and (3) by virtue of sub-paragraph (1)—

(a) a reference to C (tax-exempt) shall be treated as a reference to the company as a member of G (property rental business), and

(b) a reference to the date of cessation shall be treated as a reference to the date on which the company ceases to be a member of the group.

29 (1) A direction under section 133(2)— U.K.

(a) may relate to the group as a whole or to one or more members;

(b) may, in particular, alter the effect of this Schedule.

(2) In the application of section 133(5), an appeal may be brought by the principal company.