- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (08/04/2014)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 08/04/2014.
There are currently no known outstanding effects for the Income Tax Act 2007, Paragraph 345.
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.
345(1)Amend Schedule 5B (enterprise investment scheme: re-investment) as follows.U.K.
(2)In paragraph 1(2) (application of Schedule)—
(a)in paragraph (e) after “that Act)” insert “ , or the requirements of section 183 of ITA 2007, ”, and
F1(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)In paragraph 1A (failure of conditions of application)—
F2(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)in sub-paragraph (5) for “or section 310(2) of the Taxes Act” substitute “ , section 310(2) of the Taxes Act or section 241(3) of ITA 2007 ”, and
(c)in sub-paragraph (7) after “Taxes Act” insert “ or section 236(1) of ITA 2007 ”.
(4)In paragraph 4 (gains accruing on chargeable event)—
(a)in sub-paragraph (4) after “Taxes Act” insert “ or Part 5 of ITA 2007 ” and after “that Chapter”, in each place where it occurs, insert “ or that Part ”,
(b)in sub-paragraph (4A) after “Taxes Act” insert “ or Part 5 of ITA 2007 ”, after “that Chapter” insert “ or that Part ” and for “that Act” substitute “ the Taxes Act or section 245 of ITA 2007 ”, and
(c)in sub-paragraph (4C) after “Taxes Act” insert “ or Part 5 of ITA 2007 ”.
(5)In paragraph 6 (claims)—
(a)in sub-paragraph (1) after “Taxes Act” insert “ or sections 202(1), 203(1) and 204 to 207 of ITA 2007 ” and for “that Act in respect of eligible shares” substitute “ the Taxes Act or Part 5 of ITA 2007 in respect of eligible or relevant shares ”,
(b)in sub-paragraph (2) for “That section” substitute “ Section 306 ”, and
(c)after that sub-paragraph insert—
“(3)Sections 202(1), 203(1) and 204 to 207 of ITA 2007, as they so apply, shall have effect as if any reference to the requirements for the relief were a reference to the conditions for the application of this Schedule.”
(6)In paragraph 7(1) (reorganisations)—
(a)after “the Taxes Act” insert “ or Part 5 of ITA 2007 ”, and
(b)after “that Chapter” insert “ or that Part ”.
(7)In paragraph 8 (acquisition of share capital by new company)—
(a)in sub-paragraph (1)(e)(ii) for “subsection (2) of section 306 of the Taxes Act” substitute “ section 306(2) of the Taxes Act or section 203(1) of ITA 2007 ” and for “that section” substitute “ section 306 of the Taxes Act or sections 204 and 205 of ITA 2007 ”,
(b)in sub-paragraph (5)(a) after “Taxes Act” insert “ or section 203(1) of ITA 2007 ”, and
(c)in sub-paragraph (7) after “Taxes Act” insert “ or section 185 of ITA 2007 ”.
(8)In paragraph 9 (other reconstructions and amalgamations)—
(a)in sub-paragraph (1) after “Taxes Act” insert “ or Part 5 of ITA 2007 ”,
(b)in sub-paragraph (3) after “Taxes Act” insert “ or Part 5 of ITA 2007 ”, and
(c)in sub-paragraph (4)(b) for “subsection (2) of section 306 of the Taxes Act” substitute “ section 306(2) of the Taxes Act or section 203(1) of ITA 2007 ” and for “that section” substitute “ section 306 of the Taxes Act or sections 204 and 205 of ITA 2007 ”.
(9)In paragraph 11(5) (pre-arranged exits)—
(a)after “trading group” insert “ (a) ”, and
(b)at the end insert “, or
(b)is a reference to a company that meets the trading requirement in section 181(2)(b) of ITA 2007.”
(10)In paragraph 13(5) (value received by investor) after “Taxes Act” insert “ or Chapter 2 of Part 5 of ITA 2007 ”.
(11)In paragraph 13C (provision supplemental to paragraph 13B)—
(a)in sub-paragraph (3) for “Sub-paragraph (4) below” substitute “ This sub-paragraph ”, and
(b)for sub-paragraph (4) substitute—
“(4)Where either of the following applies—
(a)sub-paragraph (3) above, and
(b)section 223(3) of ITA 2007 (which makes corresponding provision in relation to EIS relief under Part 5 of that Act),
the person who subscribes for the shares shall not by virtue of his subscription for those shares or any other shares in the same issue be treated as making a qualifying investment for the purposes of this Schedule.”
(12)In paragraph 14(3) (value received by other persons)—
(a)after “Taxes Act”, in the first place where it occurs, insert “ or Part 5 of ITA 2007 ”,
(b)for “that Act” substitute “ the Taxes Act or section 209 or 216(2)(a) of ITA 2007 ”, and
(c)after “section 300 of the Taxes Act” insert “ or 214 of ITA 2007 ”.
(13)In paragraph 16 (information)—
(a)in sub-paragraph (4)—
(i)after “Taxes Act”, in the first place where it occurs, insert “ or section 203(1) of ITA 2007 ”, and
(ii)after “Taxes Act”, in the second place where it occurs, insert “ or section 175(3) of ITA 2007 ”,
F3(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)in sub-paragraph (6) after “Taxes Act” insert “ or section 176(4)(b) or (5)(b), 182(2) or (4), 183(6), 185(1), 190(1)(e) or 191(2)(c), (3), (4) or (5) of ITA 2007 ”,
(d)in sub-paragraph (7)—
(i)in paragraph (a) after “Taxes Act” insert “ or section 182(2) or (4) of ITA 2007 ”,
(ii)in paragraph (aa) after “Taxes Act” insert “ or section 176(4)(b) or (5)(b), 183(6) or 191(3), (4) or (5) of ITA 2007 ”, and
(iii)in paragraph (c) after “Taxes Act” insert “ or section 185(1), 190(1)(e) or 191(2)(c) of ITA 2007 ”, and
(e)in sub-paragraph (7A)—
(i)after “Taxes Act” insert “ and subsections (3), (4) and (5) of section 191 of ITA 2007 ”, and
(ii)for “that Act” substitute “ the Taxes Act or section 190(2) of ITA 2007 ”.
(14)In paragraph 19(1) (interpretation)—
(a)in the definition of “eligible shares” for “that Act” substitute “ the Taxes Act or means shares that meet the requirement in section 173 (2) of ITA 2007 ”,
(b)in the definition of “ordinary share capital” for “the same meaning as in the Taxes Act” substitute “ the meaning given by section 989 of ITA 2007 ”,
(c)in the definition of “qualifying business activity” after “Taxes Act” insert “ or section 179 of ITA 2007 ”,
(d)for the definition of “qualifying company” substitute—
““qualifying company”, in relation to any eligible shares, means a company which, in relation to those shares, is—
(a)a qualifying company for the purposes of Chapter 3 of Part 7 of the Taxes Act (except that for the purposes of this Schedule the reference in section 293(1B)(b)(i) of that Act to section 304A of that Act shall be read as a reference to paragraph 8 above), or
(b)a qualifying company for the purposes of Part 5 of ITA 2007 (except that for the purposes of this Schedule the reference in section 184(1)(c)(i) of that Act to section 247 of that Act shall be read as a reference to paragraph 8 above).”
(e)in the definition of “the relevant period” for “that Act” insert “ the Taxes Act or section 159(2) of ITA 2007 ”, and
(f)in the definition of “termination date” after “Taxes Act” insert “ or section 256 of ITA 2007 ”.
(15)In paragraph 19(3) omit the “and” immediately before paragraph (c) and after that paragraph insert “; and
(d)references to Part 5 of ITA 2007 or any provision of that Part are to a Part or provision that applies only in relation to shares issued on or after 6th April 2007”.
Textual Amendments
F1Sch. 1 para. 345(2)(b) omitted (with effect in accordance with Sch. 8 para. 11 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 8 para. 10(c)
F2Sch. 1 para. 345(3)(a) omitted (with effect in accordance with Sch. 8 para. 11 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 8 para. 10(c)
F3Sch. 1 para. 345(13)(b) omitted (with effect in accordance with Sch. 8 para. 11 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 8 para. 10(c)
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Schedule you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Schedule you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Part you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Part you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Ddeddf Gyfan heb Atodlenni you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.
Pwynt Penodol mewn Amser: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Testun a grëwyd gan yr adran o’r llywodraeth oedd yn gyfrifol am destun y Ddeddf i esbonio beth mae’r Ddeddf yn ceisio ei wneud ac i wneud y Ddeddf yn hygyrch i ddarllenwyr nad oes ganddynt gymhwyster cyfreithiol. Cyflwynwyd Nodiadau Esboniadol ym 1999 ac maent yn cyd-fynd â phob Deddf Gyhoeddus ac eithrio Deddfau Adfeddiannu, Cronfa Gyfunol, Cyllid a Chyfnerthiad.
Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:
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.
Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:
liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys