SCHEDULES

SCHEDULE 12 U.K. Close Companies

Part II U.K. Amendments Connected with Repeal of Chapter III of Part XI of Taxes Act1988

The Income and Corporation Taxes Act 1988 (c.1) U.K.

14 (1) In section 576 of the Taxes Act 1988 (which relates to relief for losseson certain unquoted shares) in subsection (5), for paragraph (a) of thedefinition of “trading company” there shall be substituted— U.K.

“(a) a company whose business consists wholly or mainly of the carrying on ofa trade or trades”.

(2) This paragraph shall have effect in relation to disposals made after 31stMarch 1989.