- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/07/2003)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 06/04/2005
Point in time view as at 01/07/2003.
Income Tax (Earnings and Pensions) Act 2003, Cross Heading: Company reconstructions is up to date with all changes known to be in force on or before 26 August 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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86(1)In this Part of this Schedule a “company reconstruction” means a transaction to which this paragraph applies.U.K.
(2)This paragraph applies to a transaction which occurs in relation to any of a participant’s plan shares (“the original holding”) and—
(a)results in a new holding being equated with the original holding for the purposes of capital gains tax, or
(b)would have that result but for the fact that what would be the new holding consists of or includes a qualifying corporate bond.
(3)But where an excluded issue of shares is made—
(a)that issue of shares does not by itself count as a transaction within sub-paragraph (2); and
(b)if made as part of a transaction within that sub-paragraph (that is, as part of a company reconstruction), the shares issued are to be regarded as not forming part of the new holding.
(4)An “ ” means an issue of shares of any of the following descriptions (in respect of which a charge to income tax arises)—
(a)redeemable shares or securities issued as mentioned in section 209(2)(c) of ICTA (distributions);
(b)share capital issued in circumstances such that section 210(1) of ICTA (bonus issues) applies;
(c)share capital to which section 249 of ICTA (stock dividends) applies.
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