SCHEDULES
F1SCHEDULE 7ACExemptions for disposals by companies with substantial shareholding
Part 4Interpretation
Meaning of “trade"
27
In this Schedule “trade” means anything that—
a
is a trade, profession or vocation, within the meaning of the Income Tax Acts, and
b
is conducted on a commercial basis with a view to the realisation of profits.
Meaning of “twelve-month period"
28
For the purposes of this Schedule a “twelve-month period” means a period ending with the day before the first anniversary of the day with which, or in the course of which, the period began.
Index of defined expressions
31
In this Schedule the expressions listed below are defined or otherwise explained by the provisions indicated:
asset related to shares | paragraph 30 |
company | paragraph 26(1)(a) |
company invested in | paragraph 1 |
51% subsidiary | paragraph 26(4) and (5) |
group (and member of group) | paragraph 26(1)(b) and (5) |
holding company | paragraph 26(3) |
interest in shares | paragraph 29 |
investing company | paragraph 1 |
joint venture company | paragraph 24(1) |
qualifying shareholding (in joint venture company) | paragraph 24(2) |
subgroup | paragraph 26(2) |
trade | paragraph 27 |
trading company | paragraph 20 |
trading group | paragraph 21 |
trading subgroup | paragraph 22 |
twelve-month period | paragraph 28 |
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