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Finance Act 2000

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4(1)The Taxation of Chargeable Gains Act 1992 is amended as follows.U.K.

(2)In paragraph 14 of Schedule 5B (value received by persons other than claimants)—

(a)in sub-paragraph (1) (repayments etc. which cause revival of a deferred gain under EIS), in paragraph (a) for “an individual" substitute “ a person ”;

(b)at the end of that sub-paragraph insert—

This is subject to paragraph 14A below.;

(c)in sub-paragraph (3) (exception where repayment etc. causes withdrawal of income tax relief or revival of a deferred gain under the EIS), for “An individual" substitute “ A person ”; and

(d)in that sub-paragraph, after paragraph (b) insert ; or

(c)causes any investment relief (within the meaning of Schedule 15 to the Finance Act 2000) to be withdrawn or reduced by virtue of paragraph 46 (disposal of shares) or 49(1)(a) (repayment etc. of share capital or securities) of that Schedule.

(3)After that paragraph insert—

Certain receipts to be disregarded for purposes of paragraph 14U.K.

14A(1)Sub-paragraph (4) below applies where, by reason of a repayment, any investment relief which is attributable under Schedule 15 to the Finance Act 2000 to any shares is withdrawn under paragraph 56(2) of that Schedule.

(2)For the purposes of this paragraph “repayment” means a repayment, redemption, repurchase or payment mentioned in paragraph 56(1) of that Schedule (repayments etc. which cause withdrawal of investment relief).

(3)For the purposes of sub-paragraph (4) below “the relevant amount” is the amount determined by the formula—

Where—

X is the amount of the repayment, and

Y is the aggregate amount of the investment relief withdrawn by reason of the repayment.

(4)Where the relevant amount does not exceed £1,000, the repayment shall be disregarded for the purposes of paragraph 14 above, unless repayment arrangements are in existence at any time in the period—

(a)beginning one year before the shares mentioned in sub-paragraph (1) above are issued, and

(b)expiring at the end of the issue date of those shares.

(5)For this purpose “repayment arrangements” means arrangements which provide—

(a)for a repayment by the company that issued the shares (“the issuing company”) or any subsidiary of that company, or

(b)for anyone to be entitled to such a repayment,

at any time.

(6)Sub-paragraph (5)(a) above applies in relation to a subsidiary of the issuing company whether or not it was such a subsidiary—

(a)at the time of the repayment mentioned in sub-paragraph (1) above, or

(b)when the arrangements were made.

(7)Where, but for the existence of paragraph 57(1) of Schedule 15 to the Finance Act 2000 (receipts causing insignificant changes to share capital to be disregarded), any investment relief would be withdrawn by reason of a repayment, the repayment shall be disregarded for the purposes of paragraph 14 above.

(8)In this paragraph—

(a)investment relief” has the same meaning as in that Schedule; and

(b)references to the withdrawal of investment relief include its reduction.

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