- Latest available (Revised)
- Point in Time (01/10/2009)
- Original (As enacted)
Point in time view as at 01/10/2009.
Taxation of Chargeable Gains Act 1992, Cross Heading: Failure of conditions of application is up to date with all changes known to be in force on or before 03 September 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.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
Textual Amendments
F1Sch. 5B inserted (with effect in accordance with Sch. 13 para. 4(4) of the amending Act) by Finance Act 1995 (c. 4), Sch. 13 para. 4(3)
F2Sch. 5B para. 1A and cross-heading inserted (with effect in accordance with s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 28
1A(1)If the condition in sub-paragraph (2)(b) [F3or (2)(da)] of paragraph 1 above is not satisfied in consequence of an event occurring after the issue of eligible shares, the shares [F4mentioned in sub-paragraph (2)(a) of that paragraph] shall be treated for the purposes of this Schedule as ceasing to be eligible shares on the date of the event.U.K.
(2)If the condition in sub-paragraph (2)(e) of that paragraph is not satisfied in consequence of an event occurring after the issue of eligible shares, the shares [F5mentioned in sub-paragraph (2)(a) of that paragraph] shall be treated for the purposes of this Schedule as ceasing to be eligible shares on the date of the event.
(3)If the condition in sub-paragraph (2)(f) of that paragraph is not satisfied in relation to [F6the shares mentioned in sub-paragraph (2)(a) of that paragraph,] the shares shall be treated for the purposes of this Schedule as never having been eligible shares.
(4)If the condition in sub-paragraph (2)(g) F7... of that paragraph is not satisfied in relation to [F8the issue of eligible shares, the shares mentioned in sub-paragraph (2)(a) of that paragraph] shall be treated for the purposes of this Schedule—
(a)if the claim under this Schedule is made after the time mentioned in [F9section 175(3) of ITA 2007], as never having been eligible shares; and
(b)if that claim is made before that time, as ceasing to be eligible shares at that time.
F10(4A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)None of the preceding sub-paragraphs applies unless—
(a)the company has given notice under paragraph 16(2) or (4) below[F11, section 310(2) of the Taxes Act or section 241(3) of ITA 2007]; or
(b)an inspector has given notice to the company stating that, by reason of the matter mentioned in that sub-paragraph, the shares [F12mentioned in paragraph 1(2)(a) above] should, in his opinion, be treated for the purposes of this Schedule as never having been or, as the case may be, as ceasing to be eligible shares.
(6)The giving of notice by an inspector under sub-paragraph (5) above shall be taken, for the purposes of the provisions of the Management Act relating to appeals against decisions on claims, to be a decision refusing a claim made by the company.
(7)Where any issue has been determined on an appeal brought by virtue of section 307(1B) of the Taxes Act [F13or section 236(1) of ITA 2007] (appeal against notice that relief was not due), the determination shall be conclusive for the purposes of any appeal brought by virtue of sub-paragraph (6) above on which that issue arises.]]
Textual Amendments
F3Words in Sch. 5B para. 1A(1) inserted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 16 para. 7(3)
F4Words in Sch. 5B para. 1A(1) inserted (with effect in accordance with Sch. 18 para. 21 of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 14(a)
F5Words in Sch. 5B para. 1A(2) inserted (with effect in accordance with Sch. 18 para. 21 of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 14(b)
F6Words in Sch. 5B para. 1A(3) substituted (with effect in accordance with Sch. 18 para. 21 of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 14(c)
F7Words in Sch. 5B para. 1A(4) omitted (with effect in accordance with Sch. 8 para. 11 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 8 para. 3(2)(a)
F8Words in Sch. 5B para. 1A(4) substituted (with effect in accordance with Sch. 18 para. 21 of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 14(d)
F9Words in Sch. 5B para. 1A(4)(a) substituted (with effect in accordance with Sch. 8 para. 11 of the amending Act) by Finance Act 2009 (c. 10), Sch. 8 para. 3(2)(b)
F10Sch. 5B para. 1A(4A) omitted (with effect in accordance with Sch. 8 para. 11 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 8 para. 3(3)
F11Words in Sch. 5B para. 1A(5)(a) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(3)(b) (with Sch. 2)
F12Words in Sch. 5B para. 1A(5)(b) inserted (with effect in accordance with Sch. 18 para. 21 of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 14(e)
F13Words in Sch. 5B para. 1A(7) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(3)(c) (with Sch. 2)
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: