Finance Act 2008

11 (1) The amendments made by paragraph 1 have effect in relation to business that relates to investment transactions occurring on or after the day on which this Act is passed.

(2) The amendments made by paragraphs 7 to 9 have effect in relation to accounting periods ending on or after the day on which this Act is passed.

(3) The amendments made by paragraph 10 have effect for the tax year 2008-09 and subsequent tax years.

(4) Subject to sub-paragraphs (1) to (3), the amendments made by this Schedule come into force on the day on which this Act is passed.

(5) But, despite the coming into force of paragraph 2, 3 or 5—

(a) the superseded provision, and

(b) any regulations made under the superseded provision,

continue to have effect until such time as the first regulations under the new regulation-making power come into force.

(6) In sub-paragraph (5)—

• “new regulation-making power” means the regulation-making power substituted by paragraph 2, 3 or 5, and

• “superseded provision” means—

  (a)

  in relation to paragraph 2, the existing section 127(12) and (13) of FA 1995,

  (b)

  in relation to paragraph 3, the existing paragraph 3(3) and (4) of Schedule 26 to FA 2003, or

  (c)

  in relation to paragraph 5, the existing section 827(2) and (3) of ITA 2007.