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11(1)Section 312 of the Taxes Act 1988 (interpretation) is amended as follows.U.K.
(2)In subsection (1)—
(a)before the definition of “control” insert—
““bonus shares” means shares which are issued otherwise than for payment (whether in cash or otherwise);”,
(b)in the definition of “control” after “sections” insert “ 289(9), ”,
(c)after the definition of “research and development” insert—
““qualifying 90% subsidiary”, in relation to any company, is to be construed in accordance with section 289(9) to (13);”,
(d)in the definition of “termination date”—
(i)in paragraph (a), for “the shares were issued wholly or mainly in order to raise money” substitute “ the money raised by the issue was raised wholly or mainly ”,
(ii)in paragraph (a), for “subsidiary” substitute “ qualifying 90% subsidiary of the company ”,
(iii)in paragraph (b), for “the company or subsidiary concerned had not” substitute “ neither the company nor any of its qualifying 90% subsidiaries had ”,
(iv)in the full-out words at the end, for “it” substitute “ the company or any qualifying 90% subsidiary of the company ”.
(3)After subsection (1A) insert—
“((1ZA))In determining, for the purposes of the definition of “termination date” in subsection (1) above, when a qualifying trade is begun to be carried on by a qualifying 90% subsidiary of a company there shall be disregarded any carrying on of the trade by it before it became such a subsidiary of the company.”.
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