SCHEDULES

SCHEDULE 3 Assets held on 31st March 1982

Previous no gain/no loss disposals

F11A

1

This paragraph applies where—

a

paragraph 1(1) applies to a disposal of shares in or securities of a company that are of a class,

b

accordingly, the shares or securities constitute or form part of a holding which the person making the disposal (“P”) is treated as having held on 31st March 1982 (“the deemed 1982 holding”),

c

the disposal by which P acquired the shares or securities, and any previous disposal of them after 31st March 1982, was a disposal to which section 171(1) (transfers within a group) applied,

d

some or all of the shares or securities constituting the deemed 1982 holding were in fact held on 31st March 1982 by a person other than P, and

e

in the hands of that person on that date they formed part of a holding which—

i

consisted of shares or securities of the same class as the shares or securities disposed of, and

ii

was larger than the deemed 1982 holding.

2

If P makes a claim, then for the purposes of section 35(2) the market value on 31st March 1982 of the shares or securities disposed of is to be treated as being—

where—

  • VLH is the market value on 31st March 1982 of the larger holding mentioned in sub-paragraph (1)(e) (in the hands of the person who in fact held it on that date),

  • NDO is the number of shares or securities disposed of, and

  • NLH is the number of shares or securities comprised in the larger holding on that date.

3

Sub-paragraph (4) applies where sub-paragraph (1)(d) and (e) are met by two or more persons holding the shares or securities as two or more holdings or parts of holdings (“the original holdings”).

4

Sub-paragraph (2) applies for the purpose of calculating the market value on 31st March 1982 of the shares or securities disposed of, except that—

a

VLH is the market value on 31st March 1982 of the largest of the original holdings, and

b

NLH is the number of shares or securities comprised in that holding.

5

A claim under sub-paragraph (2) must be made on or before the second anniversary of the end of the accounting period of P in which the disposal takes place.

6

Shares in or securities of a company shall not be treated as being of the same class unless they are so treated by the practice of a recognised stock exchange or would be so treated if dealt with on a recognised stock exchange.