- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/07/2013)
- Gwreiddiol (Fel y'i Deddfwyd)
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367U.K.After section 116 insert—
(1)Section 116 applies in accordance with the following assumptions if—
(a)a holding that is a relevant holding for the purposes of section 490 of CTA 2009 (holdings in OEICs, unit trusts and offshore funds treated as creditor relationship rights) is held by a company both at the end of one accounting period and at the beginning of the next, and
(b)that section applies to the holding for one of those periods but not for the other.
(2)The assumptions in subsections (3) and (4) apply for the purposes of this Act if the accounting period for which section 490 of CTA 2009 applies to the relevant holding is the first of those periods.
(3)The relevant holding is assumed to have ceased to be a relevant holding for the second of those periods as a result of a transaction such as is mentioned in section 116(1) (“the reorganisation transaction”) occurring at the beginning of that period.
(4)In relation to the reorganisation transaction within subsection (3), for the purposes of section 116—
(a)the relevant holding immediately before the beginning of the second of those periods is assumed to be the old asset, and
(b)the relevant holding immediately after the beginning of that period is assumed to be the new asset.
(5)The assumptions in subsections (6) and (8) apply for the purposes of this Act if the accounting period for which section 490 of CTA 2009 applies to the relevant holding is the second of those periods.
(6)The holding is assumed to have become a relevant holding for the second of those periods as a result of the occurrence at the end of first period of a transaction such as is mentioned in section 116(1).
(7)But subsection (6) does not apply if the first of those periods is a period at the end of which a disposal of the relevant holding is treated as having occurred under section 212 (annual deemed disposal of holdings of unit trusts etc by insurance companies).
(8)In relation to the reorganisation transaction within subsection (6), for the purposes of section 116—
(a)the relevant holding immediately before the beginning of the second of those periods is assumed to be the old asset, and
(b)the relevant holding immediately after the beginning of that period is assumed to be the new asset.
(1)If at any time section 523 of CTA 2009 (application of Part 5 of that Act to certain shares as rights under a creditor relationship) begins or ceases to apply in the case of a share held by the investing company it is treated for the purposes of this Act—
(a)as having disposed of the share immediately before that time for consideration of an amount equal to its fair value at that time, and
(b)as having immediately reacquired it for consideration of the same amount.
(2)In this section—
“fair value” has the same meaning as in Part 5 of CTA 2009, (loan relationships) (see section 313(6) of that Act), and
“investing company” has the same meaning as it has for the purposes of Chapter 7 of Part 6 of that Act (shares with guaranteed returns) (see section 522(3) of that Act).”
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