Amendments and repealsU.K.
5(1)Section 116B of TCGA 1992 (shares beginning or ceasing to be shares to which section 523 of CTA 2009 applies) is amended as follows.U.K.
(2)In subsection (1) and the heading, for “522” substitute “ 521B ”.
(3)In subsection (1)(b), for “its fair value” substitute “ the notional carrying value of the share ”.
(4)In subsection (2), for the definition of “fair value” substitute—
““notional carrying value” has the same meaning as in subsection (2) of section 521F of CTA 2009 (see subsection (3) of that section),”.
(5)In that subsection, in the definition of “investing company”—
(a)for “7” substitute “ 6A ”, and
(b)for “with guaranteed returns) (see section 522(3)” substitute “ accounted for as liabilities) (see section 521A(3) ”.
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Textual Amendments
F1Sch. 24 para. 6 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 3 (with Sch. 9 paras. 1-9, 22)
7(1)Schedule 4 to CTA 2009 (index of expressions) is amended as follows.U.K.
(2)After the entry relating to “approved, approval (in relation to a share incentive plan) (in Chapter 1 of Part 11)” insert—
| “arrangement (in Chapter 2A of Part 6) | section 486B(9)”. |
(3)Omit the entry relating to “the associated transactions condition (in Chapter 7 of Part 6)”.
(4)After the entry relating to “effective 51% subsidiary (in Part 8)” insert—
| “economically equivalent to interest (in Chapter 2A of Part 6) | section 486B(2)”. |
(5)For the entry relating to “the investing company (in Chapter 7 of Part 5)” substitute—
| “the investing company (in Chapter 6A of Part 6) | section 521A(3)”. |
(6)For the entry relating to “the investing company (in Chapter 7 of Part 5)” substitute—
| “the issuing company (in Chapter 6A of Part 6) | section 521A(3)”. |
(7)Omit the entries relating to “the increasing value condition (in Chapter 7 of Part 6)” and “the redemption return condition (in Chapter 7 of Part 6)”.
(8)In the entry relating to “share (in Part 5 and in Part 6 except for Chapter 7 of that Part)”, for “7” substitute “ 6A ”.
(9)For the entries relating to “share (in Chapter 7 of Part 6)” and “the share (in Chapter 7 of Part 6) substitute—
| “share (in Chapter 6A of Part 6) | section 521A(4) |
| the share (in Chapter 6A of Part 6) | section 521B(6)”. |