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Taxation of Chargeable Gains Act 1992
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Changes to legislation:
Taxation of Chargeable Gains Act 1992, Paragraph 34 is up to date with all changes known to be in force on or before 25 February 2025. 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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Changes and effects yet to be applied to Schedule 5AAA Paragraph 34:
- Act applied by 2002 c. 23 Sch. 16 para. 48(1)(2)
- s. 4(10)(11) inserted by 2016 c. 11 s. 15(4)
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
- Act applied by 2002 c. 23 Sch. 16 para. 48(1)(2)
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 4(10)(11) inserted by 2016 c. 11 s. 15(4)
[F134(1)This paragraph applies if—U.K.
(a)a gain or loss accrues to a company (“the investing company”) which has ordinary share capital owned by one or more qualifying institutional investors,
(b)some of the gain or loss is not chargeable or allowable as a result of paragraph 16(3), and
(c)some or all of the ownership of the qualifying institutional investors in the investing company is through the company which is Q for the purposes of paragraph 16(3).
(2)The ownership of the qualifying institutional investors in the investing company is to be ignored for the purpose of applying the exemption conferred by paragraph 3A of Schedule 7AC so far as the ownership is through Q.
(3)In this paragraph “qualifying institutional investors” has the same meaning as in Schedule 7AC.
(4)Paragraph 3B of Schedule 7AC (meaning of “ownership”) applies for the purposes of this paragraph as it applies for the purposes of paragraph 3A of that Schedule.]
Textual Amendments
F1Sch. 5AAA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 21
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