137 Pre-entry gains.U.K.
(1)In the M1Taxation of Chargeable Gains Act 1992, after section 177A (pre-entry losses) there shall be inserted the following section—
“ Pre-entry gainsU.K.
177B Restrictions on setting losses against pre-entry gains.
Schedule 7AA to this Act (which makes provision restricting the losses that may be set against the chargeable gains accruing to a company in the accounting period in which it joins a group of companies) shall have effect.”
(2)After Schedule 7A to that Act there shall be inserted, as Schedule 7AA to that Act, the Schedule set out in Schedule 24 to this Act.
(3)In subsection (3) of section 213 of that Act (carry back of losses in respect of deemed annual disposal by insurance companies)—
(a)at the beginning there shall be inserted “Subject to subsection (3A) below,"; and
(b)for the “and" at the end of paragraph (c) there shall be substituted—
“(ca)none of the intervening accounting periods is an accounting period in which the company joined a group of companies, and”.
F1(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)Subsections (1) and (2) above and Schedule 24 to this Act have effect in relation to any accounting period ending on or after 17th March 1998.
(6)Subsection (3) above has effect in relation to any intervening period ending on or after 17th March 1998.
F2(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 137(4) repealed (with effect in accordance with Sch. 43 Pt. 3(12) Note 8 of the amending Act) by Finance Act 2003 (c. 14), Sch. 43 Pt. 3(12)
F2S. 137(7) repealed (with effect in accordance with Sch. 43 Pt. 3(12) Note 8 of the amending Act) by Finance Act 2003 (c. 14), Sch. 43 Pt. 3(12)
Marginal Citations