Part I Income Tax, Corporation Tax and Capital Gains Tax
Chapter III General
58—63.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1
64 Limitation of other reliefs in dealings involving dual resident investing companies.
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3
(3)
“or
(d)
a disposal to a dual resident investing company, within the meaning of section 63 of the Finance (No. 2) Act 1987”
(4)
“(1A)
Subsection (1) above does not apply where so much of the consideration for the disposal of the old assets as is applied in acquiring the new assets or the interest in them is so applied by a member of the group which is a dual resident investing company; and in this subsection—
(a)
“the old assets” and “the new assets” have the same meaning as in section 115 of the M1Capital Gains Tax Act 1979; and
(b)
“dual resident investing company” has the same meaning as in section 63 of the Finance (No. 2) Act 1987.”
(5)(6)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
(7)
In this section—
(a)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
(b)
subsections (2) and (6) above apply where the successor in question begins to carry on the trade on or after that date;
(c)
subsection (3) above applies in relation to disposals on or after that date; and
(d)
subsection (4) above applies where the new assets (within the meaning of section 115 of the M2Capital Gains Tax Act 1979) are acquired on or after that date.
65—68. Controlled foreign companies: acceptable distribution policy.
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Miscellaneous
69 Disclosure of employment information obtained from Inland Revenue.
(1)
Section 58 of the M3Finance Act 1969 (disclosure of information for statistical purposes by Board of Inland Revenue) shall be amended in accordance with this section.
(2)
“or
(c)
to an authorised officer of any body specified in the first column of the following Table for the purposes of functions of that body under any enactment specified in relation to it in the second column of the Table.
Table
Body
Enactment
A local education authority in England and Wales.
Section 8 of the M4Employment and Training Act 1973.
An education authority in Scotland.
Section 126 of the M5Education (Scotland) Act 1980.
The Northern Ireland Training Authority.
The M6Industrial Training (Northern Ireland) Order 1984.
A local planning authority within the meaning of the M7Town and Country Planning Act 1971 and any board which exercises for any area the functions of such an authority.
Part II of the Town and Country Planning Act 1971.
A planning authority as defined in section 172(3) of the M8Local Government (Scotland) Act 1973.
Part II of the M9Town and Country Planning (Scotland) Act 1972.
The Welsh Development Agency.
The M10Welsh Development Agency Act 1975.
The Scottish Development Agency.
The M11Scottish Development Agency Act 1975.
The Development Board for Rural Wales.
The M12Development of Rural Wales Act 1976.
The Highlands and Islands Development Board.
The M13M14Highlands and Islands Development (Scotland) Acts 1965 and 1968.
A development corporation within the meaning of the M15New Towns Act 1981.
Section 4 of the New Towns Act 1981.
A development corporation within the meaning of the M16New Towns (Scotland) Act 1968.
Section 3 of the New Towns (Scotland) Act 1968.
A new town commission within the meaning of the M17New Towns Act (Northern Ireland) 1965.
Section 7 of the New Towns Act (Northern Ireland) 1965.”
(3)
In subsection (6) for the words “or paragraph (b) of subsection (4)” there shall be substituted “
paragraph (b) or paragraph (c) of subsection (4) above
”
.
70, 71.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5
72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6
73 Recognised investment exchanges.
(1)
The Board may by regulations make provision securing that enactments relating to . . . F7 capital gains tax and referring to The Stock Exchange have effect, for such purposes and subject to such modifications as may be prescribed by the regulations, in relation to all other recognised investment exchanges (within the meaning of the M18Financial Services Act 1986), or in relation to such of those exchanges as may be so prescribed.
(2)
The power to make regulations under this section shall be exercisable by statutory instrument, which shall be subject to annulment in pursuance of a resolution of the House of Commons.