Point in time view as at 26/03/2015.
Corporation Tax Act 2010, Cross Heading: Introduction is up to date with all changes known to be in force on or before 12 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.
(1)This Chapter applies if—
(a)there is a change in the ownership of a company with investment business (“the company”), and
(b)condition A, B or C is met.
(2)Condition A is that after the change in ownership there is a significant increase in the amount of the company's capital (see sections 688 to 691).
(3)Condition B is that within the period of 6 years beginning 3 years before the change in ownership there is a major change in the nature or conduct of the business carried on by the company.
(4)Condition C is that the change in ownership occurs at any time after the scale of the activities in the business carried on by the company has become small or negligible and before any significant revival of the business.
(5)In subsection (3) “major change in the nature or conduct of a business” includes a major change in the nature of the investments held by the company, even if the change is the result of a gradual process which began before the period of 6 years mentioned in that subsection.
(6)In this Chapter—
“the change in ownership” means the change in ownership mentioned in subsection (1), and
“the company” has the same meaning as in this section.
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