7(1)In Schedule 7A to the Taxation of Chargeable Gains Act 1992 (restriction on set-off of pre-entry losses), paragraph 1 (application and construction of Schedule) is amended as follows.U.K.
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(6)The above amendments, and the main amendments so far as they apply for the purposes of Schedule 7A, have effect in relation to the amount to be included in respect of chargeable gains in a company’s total profits for any accounting period ending on or after 21st March 2000.
(7)Any question whether a company was, in relation to times before 21st March 2000, a member of a group shall be determined by reference to the position under the M1Taxation of Chargeable Gains Act 1992 as it stood before the main amendments.
(8)Any question whether a company was, in relation to times before 6th April 1992, a member of a group shall be determined by reference to the position under the M2Capital Gains Tax Act 1979.
(9)Where—
(a)immediately before the time when the main amendments have effect in relation to a company in accordance with sub-paragraph (6), the company was not a member of a group of companies for the purposes of section 170 of the Taxation of Chargeable Gains Act 1992 (as it stood before the main amendments), and
(b)immediately after that time, the company is a member of a group of companies for the purposes of that section (as amended by the main amendments),
Schedule 7A to that Act shall not have effect in relation to any losses accruing to the company before that time or any chargeable assets (within the meaning of paragraph 1(3A) of that Schedule) held by it immediately before that time.
Textual Amendments
F1Sch. 29 para. 7(2)-(5) repealed (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by Finance Act 2011 (c. 11), Sch. 11 para. 10(c)
Marginal Citations