[F1Effect of deemed disposal and reacquisitionU.K.
Textual Amendments
F1Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1
11(1)For the purposes of this Part a company is not regarded as having held shares throughout a period if, at any time during that period, there is a deemed disposal and reacquisition of—U.K.
(a)the shares concerned, or
(b)shares, or an interest in shares, from which those shares are derived.
(2)For the purposes of this Part a company is not regarded as having held an interest in shares throughout a period if, at any time during that period, there is a deemed disposal and reacquisition of—
(a)the interest concerned, or
(b)shares, or an interest in shares, from which that interest is derived.
(3)In this paragraph—
“deemed disposal and reacquisition” means a disposal and immediate reacquisition treated as taking place under any enactment relating to corporation tax;
“derived” has the same meaning as in paragraph 10.]