Version Superseded: 01/04/2010
Point in time view as at 06/04/2007.
There are currently no known outstanding effects for the Income Tax Act 2007, Cross Heading: Excluded activities: provision of services or facilities for another business.
56(1)In relation to shares issued before 6 April 2007, section 199 (as applied by section 137(7)) applies 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)references to a trade, in relation to the provider of the services or facilities, are to be read without regard to the definition of “trade” in section 989, and
(c)“trade”, in relation to the other person, includes any business, profession or vocation”.
(2)Sub-paragraph (1) applies in relation to section 199 as applied by section 576B(7) of ICTA (which makes corresponding provision for the purposes of corporation tax) as it applies in relation to section 199 as applied by section 137(7).
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