- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/04/2018)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 24/02/2022
Point in time view as at 01/04/2018. This version of this provision has been superseded.
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Corporation Tax Act 2010, Section 174 is up to date with all changes known to be in force on or before 25 December 2024. 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.
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(1)If this section applies, take the following steps.
Step 1
Identify all option rights under the option arrangements (or sets of arrangements if more than one) which exist at the relevant time but which have not become effective at or before that time.“Option rights” means rights of the kind mentioned in section 173(4)(a) or (b), and such a right becomes “effective” when the shares or securities to which it relates are acquired as a result of its exercise.
Step 2
Identify each possible state of affairs that could subsist at the relevant time if the option rights identified at Step 1, or any of them or any combination of them, became effective at that time. For this purpose it does not matter if an option right cannot actually become effective at or before the relevant time.
Step 3
Take each state of affairs identified at Step 2 and—
identify what the rights and duties of the participating equity holders would be at the relevant time if the state of affairs were to subsist at that time, and
determine what company A's proportion would be if those rights and duties were the rights and duties of the participating equity holders at the relevant time.
Step 4
Identify the lowest proportion determined under paragraph (b) of Step 3. That proportion is referred to as “the alternative proportion”.
(2)If the alternative proportion is less than what company A's proportion would be ignoring this section, then company A's proportion is taken to be the alternative proportion.
(3)Subsection (2) is subject to sections 176 to 178 and 180.
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