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Income and Corporation Taxes Act 1988
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Changes over time for: Section 738
Version Superseded: 19/03/1997
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Income and Corporation Taxes Act 1988, Section 738 is up to date with all changes known to be in force on or before 10 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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738 Power to amend sections 732, 735 and 737.U.K.
(1)M1The Board may by regulations provide for all or any of the following—
(a)that section 732(2) shall not apply unless the subsequent sale is carried out in compliance with further conditions specified in the regulations;
(b)that section 732(6) shall have effect as if the reference to the Stock Exchange in paragraph (a) were to any recognised investment exchange or to any of those exchanges specified in the regulations, and as if the reference to the Council of the Stock Exchange in paragraph (b) were to the investment exchange concerned;
(c)that for section 735(3) and (5) (which refer to the Stock Exchange Daily Official List) there shall be substituted such provisions as the Board think fit to take account of recognised investment exchanges.
Regulations under this subsection shall apply where the subsequent sale is carried out by the first buyer on or after such day as is specified in the regulations.
F1(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)M2The Board may by regulations substitute for subsection (3) of section 737 a provision that subsection (1) of that section shall not apply to such persons and in such circumstances as are specified in the substituted provision, and make such incidental and consequential provisions (which may include the amendment of other provisions of section 737) as appear to the Board to be appropriate.
(4)M3Regulations under [F2subsection] (3) above shall apply where the [F3contract or other arrangements for the transfer of securities] is made on or after such day as is specified in the regulations.
(5)M4In this section “recognised investment exchange” means a recognised investment exchange within the meaning of the M5Financial Services Act 1986.
Textual Amendments
F1S. 738(2) repealed (with effect as mentioned in s. 58(3) of the repealing Act) by Finance Act 1991 (c. 31, SIF 63:1), ss. 58(2), 123, Sch. 13 para. 4, Sch. 19 Pt. V, Note 9; S.I. 1992/1346, reg. 5
F2Word in s. 738(4) substituted by Finance Act 1991 (c. 31, SIF 63:1), s. 58(2), Sch. 13 para. 4(a)(with effect as mentioned in s. 58(3) in relation to payments made on or after such day as may be specified)
F3Words in s. 738(4) substituted by Finance Act 1991 (c. 31, SIF 63:1), s. 58(2), Sch. 13 para. 4(b)(with effect as mentioned in s. 58(3) in relation to payments made on or after such day as may be specified)
Marginal Citations
M1Source—1986 Sch.18 4
M2Source—1986 Sch.18 9(1)(a), (c)
M3Source—1986 Sch.18 6(6), 9(2)
M4Source—1986 Sch.18 10(2)
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