- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/01/2016)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 01/01/2016.
There are currently no known outstanding effects for the Taxation (International and Other Provisions) Act 2010, Section 371IC.
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(1)This section applies for the purposes of section 371IB(7)(b).
(2)It applies if—
(a)a member of the CFC group acquires shares in a company (“the target company”) from persons who are not members of that group (“the unconnected persons”),
(b)in consideration for the acquisition of the shares, a member of the CFC group (“the parent member”) which is not the 51% subsidiary of any company issues shares to the unconnected persons, and
(c)the value of the consideration given for the acquisition of the shares by the parent member and any other members of the CFC group represents wholly or partly the value or a part of the value of any funds or other assets held by the target company.
(3)Those funds or other assets are “relevant pre-acquisition funds or other assets” and, subject to what follows, their value or the part of their value represented by the value of the consideration is their “qualifying value”.
(4)The qualifying value is to be reduced by Y% if one or both of the following paragraphs applies—
(a)the issue of shares by the parent member to the unconnected persons represents only part of the consideration given for the acquisition of the shares in the target company;
(b)in connection with the acquisition of the shares in the target company, an extraordinary distribution is made to persons holding shares in the parent member.
(5)“Y%” is given by the following formula—
where—
A is the value of the consideration which is in the form of the issue of shares by the parent member to the unconnected persons, and
B is, as the case may be—
the value of the consideration which is not in the form of the issue of shares by the parent member to the unconnected persons,
the value of the extraordinary distribution, or
the total of the values given by paragraphs (a) and (b).]
Textual Amendments
F1Pt. 9A inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 20 para. 1 (with ss. 56-58)
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