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Finance Act 2001

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This is the original version (as it was originally enacted).

Loss relief

38(1)Section 576 of the Taxes Act 1988 (supplementary provisions relating to relief for losses on shares in trading companies) is amended as follows.

(2)In subsection (4) (definition of “qualifying trading company”) omit the words from “at all times” to “and which”.

(3)In subsection (4A) (meaning of “eligible trading company” for purposes of subsection (4))—

(a)after paragraph (a) insert—

(ab)the reference in subsection (1A) of section 293 to the beginning of the relevant period were a reference to the time at which the shares in respect of which relief is claimed under section 573 or 574 were issued;,

(b)in paragraph (b) for the words from “and the condition” to the end substitute and after paragraph (a) of that subsection there were inserted—

(b)the company continues, during the winding up, to be a trading company within the meaning of section 576(5).;, and

(c)in paragraph (d) after “293” insert “(except subsection (1A))”.

(4)The amendment made by sub-paragraph (3)(b) has effect in relation to shares issued on or after 6th April 2001.

(5)The other amendments made by this paragraph have effect—

(a)in relation to shares issued on or after 7th March 2001, and

(b)in relation to shares issued after 5th April 1998 but before 7th March 2001, in respect of any part of the relevant period which falls on or after 7th March 2001.

(6)For the purposes of sub-paragraph (5)(b) “relevant period” has the meaning given in section 576(5) of the Taxes Act 1988.

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