- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/04/2020)
- Gwreiddiol (Fel y'i Deddfwyd)
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Taxation of Chargeable Gains Act 1992, Paragraph 27 is up to date with all changes known to be in force on or before 15 September 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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[F127(1)This paragraph applies if—U.K.
(a)an election under paragraph 12 has been made in respect of a qualifying fund or qualifying company (“Q”),
(b)Q ceases at any time (“the relevant time”) to meet the applicable exemption conditions otherwise than as a result of the vehicle or appropriate entity ceasing to be UK property rich (see paragraph 12(2)(c) or (3)(b)),
(c)the election would (but for this paragraph) have, accordingly, ceased to have had effect under paragraph 20 from the relevant time,
(d)the relevant fund manager expects Q to meet the applicable exemption conditions within 30 days, and
(e)Q does meets those conditions within 30 days.
(2)The failure by Q to meet the applicable exemption conditions is to be ignored for the purposes of this Part of this Schedule.
(3)In this paragraph any reference to Q meeting the applicable exemption conditions within 30 days is to Q meeting those conditions before the end of the period of 30 days beginning with the day on which the relevant time falls.
(4)This paragraph does not apply on more than four occasions in any period of 12 months.]
Textual Amendments
F1Sch. 5AAA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 21
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