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Finance Act 2002

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Disposal of shares or securities during five year periodU.K.

29(1)This paragraph applies where the investment consists of securities or shares and—

(a)the investor disposes of the whole or any part of the investment (“the former investment”) within the five year period,

(b)the CDFI has not ceased to be accredited before the disposal, and

(c)the disposal does not arise by virtue of an event within paragraph 35(1)(a) (repayment, redemption or repurchase of securities or shares included in the investment).

(2)If the disposal is not a qualifying disposal, any relief attributable to the former investment in respect of any tax year or accounting period must be withdrawn.

(3)If the disposal is a qualifying disposal, any relief attributable to the former investment for a tax year or accounting period must—

(a)if it is greater than an amount equal to 5% of the amount or value of the consideration (if any) which the investor receives for the former investment, be reduced by that amount, and

(b)in any other case, be withdrawn.

(4)For the purposes of this paragraph “qualifying disposal” means a disposal that is—

(a)by way of a bargain made at arm’s length for full consideration, or

(b)a permitted disposal (within the meaning of paragraph 28).

(5)Where for any tax year or accounting period—

(a)the amount of relief attributable to the former investment (“A”) is less than

(b)the amount (“B”) which is equal to 5% of the invested amount in respect of the former investment for that year or period,

sub-paragraph (3)(a) shall have effect in relation to that year or period as if the amount or value referred to in that sub-paragraph were reduced by multiplying it by the fraction—

(6)Where the amount of relief attributable to the former investment in respect of a tax year or accounting period has been reduced before the relief was obtained, the amount of relief attributable to that investment shall be deemed for the purposes of sub-paragraph (5) to be the amount of the relief that would have been attributable had no such reduction been made before the relief was obtained.

(7)Sub-paragraph (6) does not apply to a reduction by virtue of paragraph 26(5) (attribution of relief where there is a corresponding issue of bonus shares).

Commencement Information

I1Sch. 16 para. 29 in force at 23.1.2003 by S.I. 2003/88, arts. 2, 3

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