- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/07/2014)
- Gwreiddiol (Fel y'i Deddfwyd)
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(1)This section applies if a company disposes of shares forming part of a mixed holding of shares, that is, a holding of shares in a company which includes—
(a)shares that are not capable of being qualifying shares, and
(b)other shares.
(2)Any question—
(a)whether a disposal by the company of shares forming part of the mixed holding is of qualifying shares, or
(b)as to which of any qualifying shares acquired by the company at different times such a disposal relates to,
is to be determined as provided by the following provisions of this section.
(3)Any such question as is mentioned in subsection (2) is to be determined—
(a)except in a case falling within paragraph (b)—
(i)in accordance with subsection (4), and
(ii)in the case of shares which under that subsection are identified with the whole or any part of a section 104 holding or a 1982 holding, in accordance with subsection (5),
(b)in the case of a mixed holding which includes any shares—
(i)to which investment relief is attributable under Schedule 15 to FA 2000 (corporate venturing scheme), and
(ii)which have been held continuously (within the meaning of paragraph 97 of that Schedule) from the time they were issued until the disposal,
in accordance with subsection (6).
(4)For the purposes of subsection (3)(a)(i), the question is to be determined by identifying the shares disposed of in accordance with sections 105 and 107 of TCGA 1992.
(5)For the purposes of subsection (3)(a)(ii), the question is to be determined by treating the disposal and any previous disposal by the company out of the section 104 or 1982 holding as relating to shares acquired later rather than earlier.
(6)For the purposes of subsection (3)(b), the question is to be determined—
(a)as provided by paragraph 93 of Schedule 15 to FA 2000 (identification of shares on a disposal of part of a holding where investment relief is attributable to any shares in the holding held continuously by the disposing company), but
(b)as if the references in that paragraph to a disposal had the same meaning as in the preceding provisions of this section.
(7)Any such question as is mentioned in subsection (2) which cannot be determined as provided by subsections (3) to (6) is to be determined on a just and reasonable basis.
(8)In this section “holding” means any number of shares of the same class held by one company in the same capacity, growing or diminishing as shares of that class are acquired or disposed of.
For this purpose shares are not to be treated as being of the same class unless they are so treated by the practice of a recognised stock exchange or would be so treated if dealt in on such an exchange.
(9)In this section “section 104 holding”, “1982 holding” and “ ” have the same meaning as in section 75.
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