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Finance Act 2009

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Changes over time for: Cross Heading: Sections 409 and 410

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Point in time view as at 19/07/2011.

Changes to legislation:

Finance Act 2009, Cross Heading: Sections 409 and 410 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Sections 409 and 410U.K.

7U.K.Section 409(1) (postponement until redemption of debits for close companies' deeply discounted securities)—

(a)in paragraph (b), after “there is a person” insert “ ( ”, and

(b)insert at the end (not as part of paragraph (d))— “ and, where it applies, the non-qualifying territory condition is met. ”

8(1)Section 410 (interpretation of section 409) is amended as follows.U.K.

(2)In subsections (3)(b) and (4)(b), after “resident” insert “ for tax purposes ”.

(3)After subsection (4) insert—

(4A)The non-qualifying territory condition applies if C is a company; and the non-qualifying territory condition is that C is—

(a)resident for tax purposes in a non-qualifying territory at any time in the relevant period, or

(b)effectively managed in a non-taxing non-qualifying territory at any such time.

(4)In subsection (5), for the definition of “resident” substitute—

resident for tax purposes” means liable, under the law of the non-qualifying territory, to tax there by reason of domicile, residence or place of management, and.

(5)After that subsection insert—

(5A)For the purposes of this section, a non-qualifying territory is “non-taxing” if companies are not under its law liable to tax by reason of domicile, residence or place of management.

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