Textual Amendments
F1Pt. 7 Ch. 3 heading substituted (with effect in accordance with s. 137(2) of the amending Act) by Finance Act 1994 (c. 9), s. 137(1), Sch. 15 para. 2
Modifications etc. (not altering text)
C1Pt. 7 Ch. 3 applied (with effect in accordance with Sch. 13 para. 4(4) of the 1995 amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), Sch. 5B para. 6(4) (as inserted by Finance Act 1995 (c. 4), Sch. 13 para. 4(3))
(1)F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)M1For the purposes of section 300(2)(d) a company shall be treated as having released or waived a liability if the liability is not discharged within 12 months of the time when it ought to have been discharged.
(4)For the purposes of section 300(2)(e) there shall be treated as if it were a loan made by the company to the individual—
(a)the amount of any debt (other than an ordinary trade debt) incurred by the individual to the company; and
(b)the amount of any debt due from the individual to a third person which has been assigned to the company.
[F3(4A)For the purposes of this section and section 300, an individual who acquires any eligible shares on such a transfer as is mentioned in section 304 shall be treated as if he subscribed for those shares.]
(5)In this section and section 300, “an ordinary trade debt” means any debt for goods or services supplied in the ordinary course of a trade or business where [F4any credit] given does not exceed six months and is not longer than that normally given to the customers of the person carrying on the trade or business.
(6)In this section and section 300—
(a)any reference to a payment or transfer to an individual includes a reference to a payment or transfer made to him indirectly or to his order or for his benefit; and
(b)any reference to an individual includes a reference to an associate of his and any reference to the company includes a reference to any person connected with the company.
[F5(6A)Section 312(1A)(a) applies to determine the relevant period for the purposes of section 300]
(7)F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2S. 301(1)(2) repealed (with effect as mentioned in s. 137(1)(2), Sch. 26 Pt. 5(17) Note of the repealing Act) by Finance Act 1994 (c. 9), Sch. 15 para. 15(a), Sch. 26 Pt. 5(17)
F3S. 301(4A) inserted (with effect as mentioned in s. 74(3), Sch. 13 para. 14(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 14(1)
F4Words in s. 301(5) substituted (with effect as mentioned in s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 14(2)
F5S. 301(6A) inserted (with effect as mentioned in s. 137(1)(2) of the amending Act) by Finance Act 1994 (c. 9), Sch. 15 para. 15(b)
F6S. 301(7) repealed (with effect as mentioned in s. 137(1)(2), Sch. 26 Pt. 5(17) Note of the repealing Act) by Finance Act 1994 (c. 9), Sch. 15 para. 15(c), Sch. 26 Pt. 5(17)
Marginal Citations
M1Source-1981 s.58(6)-(9); 1983 Sch.5 8(2); 1986 Sch.9 10(3); 1987 Sch.15 14(2)