Search Legislation

Finance Act 1981

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 91

 Help about opening options

Version Superseded: 06/03/1992

Alternative versions:

Status:

Point in time view as at 01/02/1991. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 1981, Section 91. Help about Changes to Legislation

X191 Consideration on reorganisation of share capital etc.U.K.

(1)In section 79 of the Capital Gains Tax Act 1979 at the end of subsection (1) there shall be added—

Provided also that, in the case of a reorganisation on or after 10th March 1981, any consideration given for the new holding or any part of it otherwise than by way of a bargain made at arm’s length shall be disregarded to the extent that its amount or value exceeds the relevant increase in value; and for this purpose “the relevant increase in value” means the amount by which the market value of the new holding immediately after the reorganisation exceeds the market value of the original shares immediately before the reorganisation..

(2)In consequence of subsection (1) above—

(a)in section 89(2) of the Capital Gains Tax Act 1979, for the word “proviso” there shall be substituted the word “provisos”; and

(b)in section 37(12) of the Finance Act 1980, in the definition of “new consideration”, for the words “the proviso” there shall be substituted the words “the first proviso”.

Editorial Information

X1The text of part of ss. 89, 90, 91, 114, 116, 119 is in the form in which it was originally enacted: it was not reproduced in Satutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Back to top

Options/Help