Reconstruction and acquisition reliefs
8In paragraph 8 of Schedule 7 (acquisition relief)—
(a)in sub-paragraph (1)(b) for “the first and second conditions” substitute “all the conditions”, and
(b)after sub-paragraph (5) insert—
“(5A)The third condition is that the undertaking or part acquired by the acquiring company has as its main activity the carrying on of a trade that does not consist wholly or mainly of dealing in chargeable interests.
In this sub-paragraph “trade” has the same meaning as in the Taxes Act 1988.”