Winding up of the relevant companyU.K.
11None of the requirements of this Schedule shall be regarded, at a time when the relevant company is being wound up, as being, on that account, a requirement that is not satisfied in relation to that company if F1. . . —
(a)F2. . . the requirements of this Schedule would be satisfied in relation to that company apart from the winding up; and
(b)F3. . . the winding up is for bona fide commercial reasons [F4and is not] part of a scheme or arrangement the main purpose of which, or one of the main purposes of which, is the avoidance of tax.
Textual Amendments
F1Words in Sch. 28B para. 11 repealed (with effect in accordance with Sch. 19 para. 16 of the repealing Act) by Finance Act 2004 (c. 12), Sch. 19 para. 14(a), Sch. 42 Pt. 2(13), Note 2
F2Word in Sch. 28B para. 11(a) repealed (with effect in accordance with Sch. 19 para. 16 of the repealing Act) by Finance Act 2004 (c. 12), Sch. 19 para. 14(b), Sch. 42 Pt. 2(13), Note 2
F3Word in Sch. 28B para. 11(b) repealed (with effect in accordance with Sch. 19 para. 16 of the repealing Act) by Finance Act 2004 (c. 12), Sch. 19 para. 14(c), Sch. 42 Pt. 2(13), Note 2
F4Words in Sch. 28B para. 11(b) substituted (with effect in accordance with Sch. 19 para. 16 of the amending Act) by Finance Act 2004 (c. 12), Sch. 19 para. 14(d)