Version Superseded: 01/04/2009
Point in time view as at 21/07/2008.
Finance Act 2008, Paragraph 8 is up to date with all changes known to be in force on or before 08 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
8(1)Section 91B of FA 1996 (shares treated as loan relationship: non-qualifying shares) is amended as follows.U.K.
(2)After subsection (2) insert—
“(2A)No debits are to be brought into account by the investing company for the purposes of this Chapter as respects the share.”
(3)In subsections (3) and (4), omit “debits and”.
(4)After subsection (6) insert—
“(6A)Where a share is a non-qualifying share for the purposes of this section by reason of the Condition in section 91E being satisfied—
(a)subsection (2A) does not apply in relation to the share, but
(b)the amount of the debits brought into account by the investing company as respects the share are not to exceed the amount of the credits brought into account in respect of the associated transactions under Schedule 26 to the Finance Act 2002.”
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