[F1 521F Shares becoming or ceasing to be shares to which section 521B appliesU.K.
(1)This section applies if at any time section 521B begins or ceases to apply in the case of a share held by the investing company.
(2)The investing company is treated for the purposes of Part 5—
(a)as having disposed of the share immediately before that time for consideration of an amount equal to the notional carrying value of the share at that time, and
(b)as having immediately reacquired it for consideration of the same amount.
(3) In subsection (2) “ notional carrying value ”, in relation to the share, means the amount which would have been its carrying value in the accounts of the investing company if a period of account had ended immediately before section 521B began or ceased to apply in the case of the share and the investing company.
(4) For the purposes of subsection (3) “ carrying value ” has the same meaning as it has for the purposes of section 316 (see section 317). ]
Textual Amendments
F1Pt. 6 Ch. 6A inserted (retrospective and with effect in accordance with Sch. 24 paras. 12, 13-16 of the commencing Act) by Finance Act 2009 (c. 10), Sch. 24 para. 412
Modifications etc. (not altering text)
C1S. 521F excluded (with effect in accordance with Sch. 24 paras. 13-16 of the commencing Act) by Finance Act 2009 (c. 10), Sch. 24 para. 15(4)