Guarantees: election to discharge tax liability instead of making balancing paymentsU.K.
7D(1)This paragraph applies where the following conditions are satisfied—
(a)both of the affected persons are companies,
(b)the circumstances are as described in paragraph 6(1) above,
(c)the actual provision falls within paragraph 1B(1) above.
(2)Sub-paragraphs (2) to (8) of paragraph 7B above apply in a case where this paragraph applies as they apply in a case where that paragraph applies, but with the modifications in sub-paragraphs (3) and (4) below.
(3)The relevant security is the security in paragraph 1B(1)(a) above.
(4)In sub-paragraph (4) (nature of the election)—
(a)for “paragraph 7A above” substitute paragraph 7C below;
(b)for “paragraph 1A”, in both places, substitute paragraph 1B.