- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2007)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2010
Point in time view as at 06/04/2007. This version of this provision has been superseded.
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Income and Corporation Taxes Act 1988, Section 576 is up to date with all changes known to be in force on or before 14 July 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)[F2Subject to [F3subsection (1C)] below,] where [F4a company] holds shares in [F5another company] which constitute a holding and comprise—
(a)shares for which [F6it] has subscribed (“ ”); and
(b)shares which [F6it] has acquired otherwise than by subscription,
any question whether a disposal by [F6it] of shares forming part of the holding is of qualifying shares shall be determined by treating that and any previous disposal by [F6it] out of the holding as relating to shares acquired later rather than earlier; and if a disposal by [F6it] is of qualifying shares forming part of a holding and [F6it] makes a claim under section 573 F7. . . in respect of a loss incurred on their disposal, the amount of relief under that section on the disposal shall not exceed the sums that would be allowed as deductions in computing the loss if the shares had not been part of the holding.
[F8(1A)F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1B)F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
[F10(1C)Where the holding mentioned in subsection (1) above comprises any shares—
(a)to which investment relief is attributable under Schedule 15 to the Finance Act 2000 (corporate venturing scheme), and
(b)which have been held continuously (within the meaning of paragraph 97 of that Schedule) from the time they were issued until the disposal,
any such question as is mentioned in that subsection shall not be determined as provided by that subsection, but shall be determined instead as provided by paragraph 93 of that Schedule (identification of shares on a disposal of part of a holding where investment relief is attributable to any shares in the holding held continuously by the disposing company).
For this purpose paragraph 93 of that Schedule shall have effect as if the references in it to a disposal had the same meaning as in subsection (1) above.]
[F11(1D)In this section “holding” means any number of shares of the same class held by one company in one capacity, growing or diminishing as shares of that class are acquired or disposed of.
For this purpose—
(a)shares are not to be treated as being of the same class unless they are so treated by the practice of a recognised stock exchange or would be so treated if dealt in on such an exchange, and
(b)subsection (4) of section 104 of the 1992 Act applies as it applies for the purposes of subsection (1) of that section.]
(2)F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F13(4)F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4A)F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4B)F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(5)F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 576 sidenote substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 120(2) (with Sch. 2)
F2Words in s. 576(1) inserted (with effect in accordance with s. 80(5)(a) of the amending Act) by Finance Act 1998 (c. 36), s. 80(1)
F3Words in s. 576(1) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 120(3)(a) (with Sch. 2)
F4Words in s. 576(1) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 120(3)(b) (with Sch. 2)
F5Words in s. 576(1) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 120(3)(c) (with Sch. 2)
F6Words in s. 576(1) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 120(3)(d) (with Sch. 2)
F7Words in s. 576(1) 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. 120(2)(e), Sch. 3 Pt. 1 (with Sch. 2)
F8S. 576(1A)(1B) inserted (with effect in accordance with s. 80(5)(a) of the amending Act) by Finance Act 1998 (c. 36), s. 80(2)
F9S. 576(1A)(1B) 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. 120(4), Sch. 3 Pt. 1 (with Sch. 2)
F10S. 576(1C) inserted (with application in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 16 para. 3(4)(b)
F11S. 576(1D) inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 120(5) (with Sch. 2)
F12S. 576(2)-(5) 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. 120(6), Sch. 3 Pt. 1 (with Sch. 2)
F13S. 576(4)-(4B) substituted for s. 576(4) (with effect in accordance with s. 80(5)(b) of the amending Act) by Finance Act 1998 (c. 36), s. 80(3)
Modifications etc. (not altering text)
C1Ss. 574-576 applied (with effect in accordance with s. 93(11) of the affecting Act) by Finance Act 1994 (c. 9), Sch. 12 para. 3(3)
C2S. 576 transposed from Pt. 13 Ch. 6 to Pt. 13 Ch. 5A (6.4.2007 with effect in accordance with s. 1034(1) of the affecting Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 120(7) (with Sch. 2)
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