SCHEDULES

F1SCHEDULE 7ACExemptions for disposals by companies with substantial shareholding

Annotations:
Amendments (Textual)
F1

Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1

Part 2The substantial shareholding requirement

Effect of deemed disposal and reacquisition

C1C3C4C211

1

For the purposes of this Part a company is not regarded as having held shares throughout a period if, at any time during that period, there is a deemed disposal and reacquisition of—

a

the shares concerned, or

b

shares, or an interest in shares, from which those shares are derived.

2

For the purposes of this Part a company is not regarded as having held an interest in shares throughout a period if, at any time during that period, there is a deemed disposal and reacquisition of—

a

the interest concerned, or

b

shares, or an interest in shares, from which that interest is derived.

3

In this paragraph—

  • “deemed disposal and reacquisition” means a disposal and immediate reacquisition treated as taking place under any enactment relating to corporation tax;

  • “derived” has the same meaning as in paragraph 10.