Finance Act 2007

5 U.K. In section 109 (notice), after subsection (2) insert—

“(3) Subsection (4) applies where a company—

(a) does not expect to satisfy Condition 4 of section 106 on the first day of an accounting period, by reason only that its shares have not been listed and dealt with on a recognised stock exchange within the preceding 12 months, but

(b) reasonably expects to satisfy that Condition throughout the rest of the accounting period in reliance on section 415(1)(b) of ICTA.

(4) Where this subsection applies—

(a) subsection (2)(c) does not apply, but

(b) the notice under subsection (1) must be accompanied by a statement by the company containing the assertions specified in subsection (5).

(5) Those assertions are—

(a) that Conditions 1, 2, 5 and 6 of section 106 are reasonably expected to be satisfied in respect of the company throughout the specified accounting period,

(b) that Condition 3 of section 106 is reasonably expected to be satisfied in respect of the company for at least a part of the first day of the specified accounting period, and throughout the remainder of that period, and

(c) that Condition 4 of section 106 is reasonably expected to be satisfied in respect of the company throughout all of the specified accounting period apart from the first day.”