Finance Act 1998

116 Provisions supplemental to sections 114 and 115. U.K.

(1) After subsection (1) of section 767B of the Taxes Act 1988 (supplementary provision about changes of company ownership), there shall be inserted the following subsection—

“(1A) In relation to corporation tax assessed under section 767AA, section 87A of the Management Act shall have effect as if the references to the date when the tax becomes due and payable were references to the date when the tax became due and payable by the transferred company or the associated company (as the case may be).”

(2) In subsection (2) of that section—

(a) after “767A" there shall be inserted “ or 767AA ”; and

(b) at the end there shall be added “or the transferred company or associated company (as the case may be)".

(3) In subsection (4) of that section, for “section 767A" there shall be substituted “ sections 767A, 767AA and 767C ”.

(4) In subsection (10) of that section, for “section 767A" there shall be substituted “ sections 767A and 767AA ”.

(5) In section 769 of that Act (rules for ascertaining change in ownership of a company)—

(a) in subsections (1) and (5), after “767A," there shall be inserted “ 767AA, 767C, ”;

(b) in subsection (2)(d), after “767A," there shall be inserted “ 767AA, ”; and

(c) in subsections (2A) and (9), after “767A" there shall be inserted “ , 767AA or 767C ”.

(6) The preceding provisions of this section have effect in relation to changes in ownership occurring on or after 2nd July 1997 other than any change occurring in pursuance of a contract entered into before 2nd July 1997.