- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (23/03/1995)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 21/08/1998
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(1)This section has effect in relation to any 1982 holding, and in this section “1982 holding” means a holding which, immediately before the coming into force of this section, was a 1982 holding for the purposes of Part II of Schedule 19 to the M1Finance Act 1985.
(2)Subject to subsections (3) to (5) below—
(a)the holding shall continue to be regarded as a single asset for the purposes of this Act, but one which cannot grow by the acquisition of additional securities of the same class, and
(b)every sum, which on a disposal of the holding, would be an item of relevant allowable expenditure shall be regarded for the purposes of section 54 as having been incurred at such a time that the month which determines RI in the formula in subsection (1) of that section is March 1982.
Securities of a company shall not be treated for the purposes of this section 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 with on a recognised stock exchange.
(3)Nothing in subsection (2) above affects the operation of section 127 in relation to the holding, but without prejudice to section 131.
(4)If a person so elects, quoted securities, as defined in paragraph 8 of Schedule 2 which are covered by the election—
(a)shall be treated as an accretion to an existing 1982 holding or, as the case may be, as constituting a new 1982 holding; and
(b)shall be excluded from paragraph 2 of that Schedule;
and the relevant allowable expenditure which is attributable to that 1982 holding shall be adjusted or determined accordingly.
(5)Paragraphs 4(8) to (13) and 5 to 8 of Schedule 2 shall apply in relation to an election under subsection (4) above as they apply in relation to an election under paragraph 4(2) of that Schedule, but with the substitution for any reference to 19th March 1968 of a reference to 31st March 1985 in the case of holdings or disposals by companies and 5th April 1985 in any other case.
(6)For the purpose of computing the indexation allowance (if any) on a disposal of a 1982 holding, the relevant allowable expenditure attributable to the holding on the coming into force of this section shall be the amount which, if the holding had been disposed of immediately before the coming into force of this section, would have been the relevant allowable expenditure in relation to that holding on that disposal, and for the purposes of section 54(4) relevant allowable expenditure attributable to a 1982 holding shall be deemed to be expenditure falling within section 38(1)(a).
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