Finance Act 1983

Interpretation U.K.

1 (1) In this Schedule—

(a) “the principal Act” means the M1 Capital Gains Tax Act 1979;

(b) “the 1982 Act” means the M2 Finance Act 1982;

(c) “the qualifying period” has the meaning assigned to it by section 86(1) (b) of the 1982 Act; and

(d) “relevant allowable expenditure” has the meaning assigned to it by subsections (2) (b) and (3) of section 86 of the 1982 Act.

(2) For the purposes of this Schedule, “qualifying securities” are securities, as defined in section 88(9) of the 1982 Act, which are neither—

(a) gilt-edged securities, as defined in Schedule 2 to the principal Act [F1 ; nor]

[F1 (ab) deep discount securities (within the meaning of Schedule 4 to the Income and Corporation Taxes Act 1988); nor]

[F2 (aa) qualifying corporate bonds, as defined in section 64 of the Finance Act 1984; nor]

(b) securities which on 6th April 1965 were held by the company making the election concerned and which, disregarding the effect of sections 88 and 89 of the 1982 Act, would for the time being be excluded from the effect of section 65 of the principal Act by virtue of subsection (1) (b) of that section; [F3 nor]

[F3 (c) securities which are, or have at any time after the expiry of the period which, in relation to a disposal of them, would be the qualifying period, been material interests in a non-qualifying offshore fund, within the meaning of Chapter [F4 V of Part XVIII of the Income and Corporation Taxes Act]].

Textual Amendments

F1 Sch. 6 para. 1(2)(ab) and the words “; nor” preceding it inserted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32

F2 Sch. 6 para. 1(2)(aa) inserted by Finance Act 1984 (c. 43) s. 64(1), Sch. 13 para. 6

F3 Sch. 6 para. 1(2)(c) and the word “nor” preceding it inserted by Finance Act 1984 (c. 43) s. 67(2)—deemed always to have had effect as part of Sch. 6

F4 Words substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32

Modifications etc. (not altering text)

C1 Two paragraphs (aa) were inserted by separate provisions of Finance Act 1984 (c. 43) as the result of a technical error. That inserted by s. 36(1) and Sch. 9 para. 11(2) of that Act was removed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32

Marginal Citations

M1 1979 c. 14.

M2 1982 c. 39.