Version Superseded: 11/05/2001
Point in time view as at 28/07/2000.
There are currently no known outstanding effects for the Finance Act 1998, Cross Heading: Connected persons: directors.
7(1)In subsection (1)(a) of section 291A of the Taxes Act 1988, for the words “the relevant period" there shall be substituted the words “ the seven year period ”.
(2)In subsection (5) of that section—
(a)for sub-paragraph (ii) of paragraph (b) there shall be substituted the following sub-paragraph—
“(ii)involved in carrying on (whether on his own account or as a partner, director or employee) the whole or any part of the trade carried on by the issuing company or a subsidiary, and”; and
(b)the words “and the reference to a trade previously carried on includes part of such a trade" shall cease to have effect.
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