Finance Act 2007

Minor and consequential amendments

7 (1) ICTA is amended as follows.

(2) In section 210(4) (bonus issue following repayment of share capital), in the definition of “preference shares”, for “listed in the Official List of the Stock Exchange” substitute “included in the official UK list”.

(3) In section 312(1E)(a) (interpretation of Chapter 3 of Part 7), for “section 841” substitute “section 1005(1)(b) of ITA 2007”.

(4) In section 415(1)(b) (certain quoted companies not to be close companies), for “in the official list of” substitute “on”.

(5) In section 576H(2)(a) (the unquoted status requirement), for “1005” substitute “1005(1)(b)”.

(6) In section 587B (gifts of shares, securities and real property to charities etc)—

(a) in subsection (9), in the definition of “qualifying investment”, for “or dealt in on a recognised stock exchange” substitute “on a recognised stock exchange or dealt in on any designated market in the United Kingdom”, and

(b) after that subsection insert—

“(9ZA) In paragraph (a) of the definition of “qualifying investment” in subsection (9) above, “designated” means designated by an order made by the Commissioners for Her Majesty’s Revenue and Customs for the purposes of that paragraph.

(9ZB) An order under subsection (9ZA) above may—

(a) designate a market by name or by reference to any class or description of market, and

(b) vary or revoke a previous order under that subsection.”

(7) In section 704 (prescribed circumstances mentioned in section 703(1)), in paragraph D(2)(b), for “listed in the Official List of the Stock Exchange, and are dealt in on the Stock Exchange” substitute “included in the official UK list, and are dealt in on a recognised stock exchange in the United Kingdom”.

(8) In section 828(2) (orders and regulations made by the Treasury or the Board), after “conferred by section” insert “587B(9ZA) or”.

(9) In section 842(1)(c) (investment trusts), for “listed in the Official List of the Stock Exchange” substitute “included in the official UK list”.

(10) In paragraph 5 of Schedule 20 (charities: qualifying investments and loans), omit “, or which are dealt in on the Unlisted Securities Market”.