- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (21/12/2012)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 17/07/2013
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(1)This section applies for the purposes of Chapters 2 to 5.
(2)If any of those Chapters has operated to restrict relief by reference to a change in the ownership of a company taking place at any time, no transaction or circumstances before that time may be taken into account in determining whether there is any subsequent change in the ownership of the company.
(3)The following provisions apply if—
(a)any relevant assets are taken into account in determining that there has been a change in the ownership of a company, and
(b)the relevant assets were acquired—
(i)in pursuance of a contract of sale or option or other contract, or
(ii)by a person holding such a contract.
(4)The time when the change in the ownership of the company took place is to be determined as if the acquisition had been made—
(a)when the contract was made with the holder, or
(b)when the benefit of it was assigned to the holder.
(5)Accordingly, a person exercising an option to purchase shares is treated as having purchased the shares when that person acquired the option.
(6)In this section “relevant assets” means—
(a)ordinary share capital, or
(b)any property or rights which under section 721 or 722 may be taken into account instead of ordinary share capital.
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