Search Legislation

Finance Act 2009

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Status:

This is the original version (as it was originally enacted).

Conditions for company

This section has no associated Explanatory Notes

3(1)Section 106 (conditions for company) is amended as follows.

(2)In subsection (2), insert at the end “(subject to section 109 and regulations under section 116)”.

(3)In subsection (7)(a)(ii)—

(a)for “fixed-rate” substitute “relevant”, and

(b)omit “(within the meaning of paragraph 2 of Schedule 25 to ICTA (acceptable distribution policy))”.

(4)After subsection (7) insert—

(7A)For the purposes of Condition 5—

(a)“relevant preference share” means a share which is a “relevant preference share” for the purposes of Schedule 18 to ICTA (group relief) or would be but for the fact that it carries a right of conversion into shares or securities in the company, and

(b)a share is “non-voting” if it carries no right to vote at a general meeting of the company or if it carries a right to vote which is contingent on the non-payment of a dividend and which has not become exercisable.

(5)The amendment made by sub-paragraph (2) is to be treated as always having had effect.

(6)The amendments made by sub-paragraphs (3) and (4) have effect in relation to accounting periods ending on or after 22 April 2009.

Back to top

Options/Help