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Finance Act 2012

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Changes over time for: Cross Heading: Abolition of entry charge

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Abolition of entry chargeU.K.

33(1)Omit sections 538 to 540 (entry charge).U.K.

(2)Sub-paragraph (1) does not affect the application of section 540 in relation to a company if the date of entry is before the day on which this Act is passed.

34(1)In section 545 (cancellation of tax advantage) in subsection (5) omit the words from “(and includes,” to “538)”.U.K.

(2)Sub-paragraph (1) does not affect the powers of an officer of Revenue and Customs under section 545 in cases in which a company which is, or is a member of, a UK REIT tries before the day on which this Act is passed to obtain a tax advantage.

35(1)In section 556 (disposal of assets) omit subsection (4).U.K.

(2)Sub-paragraph (1) does not affect the application of subsection (4) in relation to a company if entry is before the day on which this Act is passed.

36(1)In section 558 (demergers: disposal of asset) in subsection (4) omit “and section 538 (entry charge)”.U.K.

(2)Sub-paragraph (1) has no effect in relation to cases in which the date specified in the notice under section 523(1) is before the day on which this Act is passed.

37U.K.In section 559 (demergers: company leaving group UK REIT) in subsection (8) omit “section 538 (entry charge),”.

38U.K.In section 583 (overview of Chapter 10 relating to joint ventures) omit subsection (4)(b).

39U.K.Omit sections 595 to 597 (additional entry charges in cases involving joint ventures) and the italic heading before section 595.

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