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Corporation Tax Act 2010

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Changes over time for: Cross Heading: The unquoted status requirement

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Point in time view as at 21/12/2012.

Changes to legislation:

Corporation Tax Act 2010, Cross Heading: The unquoted status requirement is up to date with all changes known to be in force on or before 27 February 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. Help about Changes to Legislation

The unquoted status requirementU.K.

35(1)In relation to shares issued before 7 March 2001, section 85 applies with the following modifications—U.K.

(a)the substitution for subsection (1) of—

(1)The unquoted status requirement is that the company must be an unquoted company throughout the relevant period.,

(b)the substitution for subsection (2) of—

(2)If the company is an unquoted company at the time when any shares are issued, it is not treated for the purposes of this section as ceasing to be an unquoted company in relation to those shares at any subsequent time merely because any shares, stocks, debentures or other securities of the company are at that time—

(a)listed on an exchange designated by an order made for the purposes of section 184(3)(b) of ITA 2007, or

(b)dealt in by any means designated by an order made for the purposes of section 184(3)(c) of ITA 2007,

if the order was made after the shares were issued., and

(c)in subsection (3) the substitution for the definition of “arrangements” of—

the relevant period” means the period—

(a)beginning with the incorporation of the company or, if later, the date one year before the issue of the shares in question, and

(b)ending with the date of the disposal.

(2)For the purposes of sub-paragraph (1)(a) and (c), shares that were issued—

(a)after 5 April 1998, but

(b)before 7 March 2001,

are treated as having been issued on or after 7 March 2001 in respect of any part of the relevant period which falls on or after that date.

(3)Section 85 does not apply in relation to shares issued before 6 April 1998.

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