SCHEDULES
F1SCHEDULE 7CRelief for transfers to approved share plans
Shares: special provision
7
1
Sub-paragraph (2) applies where—
a
a claim is made under paragraph 5,
b
immediately after the time of the acquisition mentioned in paragraph 3 and apart from this paragraph, any replacement asset was a chargeable asset in relation to the claimant,
c
the asset consists of shares, and
d
relief is claimed under Chapter III of Part VII of the Taxes Act F2or Part 5 of ITA 2007 (enterprise investment scheme) at any time in the period beginning with the acquisition and ending when paragraph 5(1) or (2) falls to be applied.
2
In such a case the asset shall be treated as if, immediately after the time of the acquisition mentioned in paragraph 3, it was not a chargeable asset in relation to the claimant.
3
Sub-paragraph (4) applies where—
a
the provisions of paragraph 5(1) or (2) have been applied,
b
any replacement asset which, immediately after the time of the acquisition mentioned in paragraph 3 and apart from this paragraph, was a chargeable asset in relation to the claimant consists of shares, and
c
at any time after paragraph 5(1) or (2) has been applied relief is claimed in respect of the asset under Chapter III of Part VII of the Taxes Act F3or Part 5 of ITA 2007 (enterprise investment scheme).
4
In such a case the asset shall be treated as if, immediately after the time of the acquisition mentioned in paragraph 3, it was not a chargeable asset in relation to the claimant and adjustments shall be made accordingly.
Sch. 7C inserted (28.7.2000) by Finance Act 2000 (c. 17), s. 48(2), Sch. 9