- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (02/12/2019)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 02/12/2019.
Taxation of Chargeable Gains Act 1992, Cross Heading: Meaning of “wholly owned” or “wholly (or almost wholly) owned” is up to date with all changes known to be in force on or before 15 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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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
40(1)For the purposes of this Part of this Schedule a collective investment scheme, or a person or persons together, wholly owns or own a company at any time if the scheme, or person or persons together, has or have a 100% investment in the company at that time.U.K.
(2)Whether a scheme, or person or persons together, have a 100% investment in a company at any time is determined—
(a)by applying a modified version of the rule in paragraph 9 of Schedule 1A, and,
(b)in the case of a collective investment scheme, on the assumption that it is a person.
(3)The reference here to a modified version of the rule in paragraph 9 of Schedule 1A is to the rule in that paragraph as it has effect without regard to paragraph 10 and as if in sub-paragraph (1) of paragraph 9 the following modifications were made—
(a)for the opening words substitute “A person or persons together ( “ P ”) has or have a 100% investment in a company ( “C”) if all of the following conditions are met—”,
(b)omit paragraph (a),
(c)in each of paragraphs (b), (c) and (d), for “25% or more” substitute “ 100% ”, and
(d)for the “or” at the end of paragraph (c) substitute “ and ”.
41(1)For the purposes of this Part of this Schedule a collective investment scheme or person wholly (or almost wholly) owns a company at any time if—U.K.
(a)the scheme or person wholly owns the company at that time, or
(b)the scheme or person has a 99% investment in the company at that time.
(2)Whether a scheme or person has a 99% investment in a company at any time is determined—
(a)by applying a modified version of the rule in paragraph 9 of Schedule 1A, and,
(b)in the case of a collective investment scheme, on the assumption that it is a person.
(3)The reference here to a modified version of the rule in paragraph 9 of Schedule 1A is to the rule in that paragraph as it has effect without regard to paragraph 10 and as if in sub-paragraph (1) of paragraph 9 the following modifications were made—
(a)omit paragraph (a),
(b)for “25%”, in each place, substitute “ 99% ”, and
(c)for the “or” at the end of paragraph (c) substitute “ and ”.]
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