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Changes over time for: Section 132


Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
No versions valid at: 06/04/2006
Status:
Point in time view as at 06/04/2006. This version of this provision is not valid for this point in time.

Status
Not valid for this point in time generally means that a provision was not in force for the point in time you have selected to view it on.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2006, Section 132.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Yn ddilys o 19/07/2006
132Early exit by noticeU.K.
(1)This section applies where this Part—
(a)ceases to apply to a company by reason of section 128, and
(b)had applied to the company for a continuous period immediately before cessation of less than ten years.
(2)If the company disposes of a tax-exempt asset during the post-cessation period, liability to corporation tax shall be determined without regard to—
(a)any deemed disposal under section 111(2) that resulted in a gain,
(b)any deemed disposal under section 131(3), or
(c)any deemed disposal under section 125(2).
(3)In subsection (2)—
(a)“tax-exempt asset” means an asset that was involved (within the meaning of section 107(6)(a)) in the business of C (tax-exempt), and
(b)“the post-cessation period” means the period of two years beginning with the date of cessation.
Modifications etc. (not altering text)
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