SCHEDULES

SCHEDULE 9Chargeable gains: share exchanges and company reconstructions

Part 2Consequential amendments

6Finance Act 2000

1

Schedule 15 to the Finance Act 2000 (c. 17) (corporate venturing scheme) is amended as follows.

2

In paragraph 71 (tax avoidance), in sub-paragraph (1)(b)(ii) for “reconstructions and amalgamations" substitute “ schemes of reconstruction ”.

3

In paragraph 82(1) (company reconstructions and amalgamations), in the closing words for “company reconstructions and amalgamations" substitute “ share exchanges and company reconstructions ”.

4

In paragraph 93(7) (identification of shares on a disposal: cases to which section 127 applies)—

a

for “(whether or not by virtue of section 135(3) of that Act)" substitute “ (including a case where that section applies by virtue of any enactment relating to chargeable gains) ”; and

b

for the words from “shall be construed" to the end substitute “ have the same meaning as in section 127 of the 1992 Act (or, as the case may be, that section as applied by virtue of the enactment concerned) ”.

5

In paragraph 96 (meaning of “disposal")—

a

in sub-paragraph (2)(a) for “section 136(1)" substitute “ section 136 ”;

b

in sub-paragraph (2)(b) for “sections 135 and 136 of that Act to bona fide reconstructions and amalgamations" substitute “ section 136 of that Act to bona fide schemes of reconstruction ”.