SCHEDULES

[F1 SCHEDULE 7AC U.K.Exemptions for disposals by companies with substantial shareholding

Textual Amendments

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 3 U.K.Requirements to be met in relation to investing company and company invested in

Requirements relating to the company invested in U.K.

19 (1) The company invested in must— U.K.

(a) have been a qualifying company throughout the period—

(i) beginning with the start of the latest twelve-month period by reference to which the requirement of paragraph 7 (the substantial shareholding requirement) is met, and

(ii) ending with the time of the disposal, and

(b) be a qualifying company immediately after the time of the disposal.

(2) For this purpose a “qualifying company” means a trading company or the holding company of a trading group or a trading subgroup.

(3) If the disposal is by virtue of section 28(1) or (2) (asset disposed of under contract) treated as made at a time before the asset is conveyed or transferred, the requirements in sub-paragraph (1)(a) and (b) must also be complied with as they would have effect if the references there to the time of the disposal were to the time of the conveyance or transfer.]