- 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Point in time view as at 02/12/2019.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, Section 169VU 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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(1)For the purposes of this Chapter (other than this subsection) a person “subscribes for” a share in a company if—
(a)that person subscribes for the share,
(b)the share is issued to that person by the company for consideration consisting wholly of cash,
(c)the share is fully paid up at the time it is issued,
(d)the share is subscribed for, and issued, for genuine commercial reasons and not as part of arrangements the main purpose, or one of the main purposes, of which is to secure a tax advantage to any person, and
(e)the share is subscribed for, and issued, by way of a bargain at arm's length.
(2)In subsection (1) “arrangements” and “tax advantage” have the same meaning as in section 16A.
(3)If—
(a)an individual (“A”) subscribed for, or is treated under this subsection as having subscribed for, any shares,
(b)A transferred the shares to another individual (“B”) during their lives, and
(c)A was living together with B as B's spouse or civil partner at the time of the transfer,
B is to be treated for the purposes of this Chapter as having subscribed for the shares.
(4)Accordingly, for the purposes of this Chapter any period for which A held the shares continuously is to be added to, and treated as part of, the period for which B held the shares continuously.
(5)In this Chapter, apart from subsections (3) and (4), references to a person's having subscribed for a share include the person's having subscribed for the share jointly with any other person (and references to a person's holding a share or to a share being issued to a person are to be read accordingly).]
Textual Amendments
F1Pt. 5 Ch. 5 inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 2
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