- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (11/05/2001)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 06/04/2007
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15(1)In section 300 (value received from company etc.), in subsection (1) after “value” insert “ (other than insignificant value) ”.
(2)In that subsection for “designated period” substitute “ period of restriction ”.
(3)After subsection (1A) of that section insert—
“(1AA)This section is subject to section 300A.”.
(4)After subsection (1B) of that section insert—
“(1BA)Where—
(a)an individual subscribes for two or more issues of eligible shares in a company, being issues comprising shares in respect of which the individual obtains relief, and
(b)the individual receives any value from the company at any time in the periods of restriction relating to the shares comprised in two or more of those issues,
this section has effect in relation to the shares comprised in each of the issues referred to in paragraph (b) above as if the amount of the value received were reduced by multiplying it by the fraction specified in subsection (1BB) below.
(1BB)The fraction is—
where—
A is the amount subscribed by the individual for the eligible shares comprised in the issue in question, and
B is the aggregate of that amount and the corresponding amount or amounts for eligible shares comprised in the other issue or issues.
(1BC)Where—
(a)an individual who subscribes for eligible shares in a company receives value (“the relevant receipt”) from the company during the period of restriction,
(b)the individual has received from the company one or more receipts of insignificant value at a time or times—
(i)during that period, but
(ii)not later than the time of the relevant receipt, and
(c)the aggregate amount of the value of the receipts within paragraphs (a) and (b) above is not an amount of insignificant value,
the individual shall be treated for the purposes of this Chapter as if the relevant receipt had been a receipt of an amount of value equal to the aggregate amount.
For this purpose a receipt does not fall within paragraph (b) above if it has previously been aggregated under this subsection.”.
(5)In subsection (1C) of that section for the words from “References” to “include references” substitute “ Any reference in subsection (1), (1BA) or (1BC) above to the receipt of value (however expressed) from a company includes a reference ”.
(6)In subsections (4)(a) and (5) of that section for “receivable” substitute “ received ”.
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