Textual Amendments
F1Sch. 7AA inserted (with effect in accordance with s. 137(5) of the amending Act) by Finance Act 1998 (c. 36), s. 137(2), Sch. 24
1(1)This Schedule applies in the case of any company (“the relevant company”) in relation to any accounting period (“the gain period") in which a pre-entry gain has accrued to that company.U.K.
(2)Subject to sub-paragraph (3) below, references in this Schedule to a pre-entry gain are references to any chargeable gain accruing to a company in an accounting period in which that company joins a group of companies after the gain has accrued to it.
(3)References in this Schedule to a company joining a group of companies—
(a)are references to its becoming a member of any group of companies of which it was not a member immediately before becoming a member; but
(b)do not include references to a company becoming a member of a group of companies at any time before 17th March 1998.
(4)Nothing in section 170(10) shall prevent all the companies of one group from being treated for the purposes of this Schedule as joining another group of companies when the principal company of the first group becomes a member of the other group.]