Valid from 01/05/1995
1(1)This Schedule applies, where any shares in or securities of any company (“the relevant company”) are at any time held by another company (“the trust company”), for determining whether and to what extent those shares or securities (“the relevant holding”) are, for the purposes of section 842AA, to be regarded as at that time comprised in the trust company’s qualifying holdings.
(2)The relevant holding shall be regarded as comprised in the trust company’s qualifying holdings at any time if—
(a)all the requirements of the following provisions of this Schedule are satisfied at that time in relation to the relevant company and the relevant holding; and
(b)the relevant holding consists of shares or securities which were first issued by the relevant company to the trust company and have been held by the trust company ever since.
(3)Subject to paragraph 6(3) below, where the requirements of paragraph 6 or 7 below would be satisfied as to only part of the money raised by the issue of the relevant holding and that holding is not otherwise capable of being treated as comprising separate holdings, this Schedule shall have effect in relation to that holding as if it were two holdings consisting of—
(a)a holding from which that part of the money was raised; and
(b)a holding from which the remainder was raised;
and section 842AA shall have effect as if the value of the holding were to be apportioned accordingly between the two holdings which are deemed to exist in pursuance of this sub-paragraph.