- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (22/03/2001)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2010
Point in time view as at 22/03/2001.
There are currently no known outstanding effects for the Finance Act 1991, Paragraph 20.
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20(1)After section 768 of that Act (change in ownership: trading losses not to be carried forward) there shall be inserted the following section—U.K.
(1)In any case where—
(a)within any period of three years there is both a change in the ownership of a company and (either earlier or later in that period, or at the same time) a major change in the nature or conduct of a trade carried on by the company, or
(b)at any time after the scale of the activities in a trade carried on by a company has become small or negligible, and before any considerable revival of the trade, there is a change in the ownership of the company,
no relief shall be given under section 393A(1) by setting a loss incurred by the company in an accounting period ending after the change in ownership against any profits of an accounting period beginning before the change in ownership.
(2)Subsections (2) to (4), (8) and (9) of section 768 shall apply for the purposes of this section as they apply for the purposes of that section.
(3)This section applies in relation to changes in ownership occurring on or after 14th June 1991.”
(2)In section 769 of that Act (rules for ascertaining change in ownership in company)—
(a)in subsections (1), (2)(d) and (5), for the words “section 768” there shall be substituted the words “sections 768 and 768A ”; and
(b)in subsections (3) and (4), after the words “section 768” there shall be inserted the words “or 768A ”.
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