- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/12/2020)
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Finance Act 1994, Paragraph 10 is up to date with all changes known to be in force on or before 10 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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10U.K.In section 164L—
(a)after subsection (10) there is inserted—
“(10A)For the purposes of this Chapter, where—
(a)a person has acquired any eligible shares in a qualifying company (“the acquired holding”) for a consideration which is treated as reduced under this Chapter by any amount (“the held-over gain”), and
(b)after that acquisition, he acquires eligible shares in a relevant company,
he shall not be regarded in relation to his acquisition of those shares in the relevant company as acquiring a qualifying investment for the purposes of section 164A.
(10B)For the purposes of subsection (10A) above a company is a relevant company if—
(a)where that person has disposed of any of the acquired holding, it is the company in which the acquired holding has subsisted or a company which was a member of the same group of companies as that company at any time since the acquisition of the acquired holding,
(b)it is a company in relation to the disposal of any shares in which there has been a claim under this Chapter such that, without that or an equivalent claim, there would have been no held-over gain in relation to the acquired holding, or
(c)it is a company which, at the time of the disposal or acquisition to which the claim relates, was a member of the same group of companies as a company falling within paragraph (b) above”, and
(b)in subsection (11), for the definition of “chargeable business assets” there is substituted—
““chargeable business asset”, in relation to any company, means a chargeable asset (including goodwill but not including shares or securities or other assets held as investments) which is, or is an interest in, an asset used for the purposes of a trade, profession, vocation, office or employment carried on by—
(a)the individual acquiring the shares,
(b)any personal company of that individual,
(c)a member of a trading group of which the holding company is a personal company of that individual, or
(d)a partnership of which that individual is a member”.
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