There are currently no known outstanding effects for the Income Tax Act 2007, Paragraph 85.
85(1)For the purpose of determining whether shares or securities are to be regarded as comprised in a company's qualifying holdings, section 310 applies in relation to shares or securities issued before 6 April 2007 with the following modifications—U.K.
(a)in subsections (1) to (4), the substitution of “trade” for “business”, wherever it occurs, and
(b)in subsection (5) the substitution for paragraph (b) of—
“(b)“trade” includes business, profession or vocation where what is carried on is carried on by a person other than a company.”
(2)For the purpose of determining whether shares or securities are to be regarded as comprised in a company's qualifying holdings at any time, section 310(1)(a) applies in relation to shares or securities acquired by the company by means of the investment of—
(a)money raised by the issue before 17 March 1998 of shares in or securities of the investing company, or
(b)money derived from the investment by that company of any such money,
with the substitution for “paragraphs (a) to (k)” of “paragraphs (a) to (f)”.
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