- Latest available (Revised)
- Point in Time (19/07/2012)
- Original (As enacted)
Version Superseded: 18/11/2015
Point in time view as at 19/07/2012. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
There are currently no known outstanding effects for the Income Tax Act 2007, Section 313.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)In this Chapter —
“the investing company” has the meaning given by section 286(1),
“the relevant company” has the meaning given by section 286(1), and
“the relevant holding” has the meaning given by section 286(1).
(2)References in this Chapter to the issue of any securities, in relation to any security consisting in a liability in respect of an unsecured loan, have effect as references to the making of the loan.
(3)References in sections 303 to 309 to a trade are to be read without regard to the definition of “trade” in section 989 (see also section 300(4)).
(4)For the purposes of sections 296 and 310(3) and (4), the question whether a person controls a company is to be determined in accordance with [F1sections 450 and 451 of CTA 2010] with the modification given by subsection (6).
(5)For the purposes of this Chapter [F2(other than section 312A)], section 993 (meaning of “connected persons”) applies as if references to “control” in that section were to be read in accordance with [F3sections 450 and 451 of CTA 2010] with the modification given by subsection (6).
(6)The modification is that, in determining whether a person controls a company, the following are to be ignored—
(a)any person's possession of, or entitlement to acquire, fixed-rate preference shares in the company that do not carry voting rights, F4...
(b)any person's possession of, or entitlement to acquire, rights as a loan creditor of the company[F5, and
(c)any right to dividends carried by shares in the company where the shares—
(i)are eligible shares, and
(ii)are held by the investing company.]
(7)In subsection (6) “ ” means shares which—
(a)were issued wholly for new consideration,
(b)do not carry any right either to conversion into shares or securities of any other description or to the acquisition of any additional shares or securities, and
(c)do not carry any right to dividends other than dividends which—
(i)are of a fixed amount or at a fixed rate per cent of the nominal value of the shares, and
(ii)together with any sum paid on redemption, represent no more than a reasonable commercial return on the consideration for which the shares were issued,
and in paragraph (a) “new consideration” has the meaning given by [F6section 1115 of CTA 2010].
[F7(8)In subsection (6) “eligible shares” has the same meaning as in Chapter 3 (see section 285(3A) and (3B)).]
Textual Amendments
F1Words in s. 313(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 506(a) (with Sch. 2)
F2Words in s. 313(5) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 8 para. 16
F3Words in s. 313(5) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 506(b) (with Sch. 2)
F4Word in s. 313(6)(a) omitted (6.4.2011) (with effect in accordance with Sch. 2 paras. 7(4), 8 of the amending Act) by virtue of Finance (No. 3) Act 2010 (c. 33), Sch. 2 para. 2(13)(a); S.I. 2011/662, art. 2
F5S. 313(6)(c) and word inserted (6.4.2011) (with effect in accordance with Sch. 2 paras. 7(4), 8 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 2 para. 2(13)(a); S.I. 2011/662, art. 2
F6Words in s. 313(7) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 506(c) (with Sch. 2)
F7S. 313(8) inserted (6.4.2011) (with effect in accordance with Sch. 2 paras. 7(4), 8 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 2 para. 2(13)(b); S.I. 2011/662, art. 2
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: