Modifications etc. (not altering text)
C1Pt. 14 applied (1.4.2022 in relation to accounting periods beginning on or after that date) by Finance Act 2022 (c. 3), s. 51(1), Sch. 7 para. 20
C2Pt. 14 applied (with modifications) (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), Sch. 1 para. 18 (with ss. 15(1), 16(1), 17)
(1)This Chapter applies if—
(a)there is a change in the ownership of a company with investment business (“the company”), and
(b)condition A, B or C is met.
(2)Condition A is that after the change in ownership there is a significant increase in the amount of the company's capital (see sections 688 to 691).
(3)Condition B is that within the period of [F18] years beginning 3 years before the change in ownership there is a major change in the nature or conduct of the business carried on by the company.
(4)Condition C is that the change in ownership occurs at any time after the scale of the activities in the business carried on by the company has become small or negligible and before any significant revival of the business.
(5)In subsection (3) “major change in the nature or conduct of a business” includes a major change in the nature of the investments held by the company, even if the change is the result of a gradual process which began before the period of [F28] years mentioned in that subsection.
(6)In this Chapter—
“the change in ownership” means the change in ownership mentioned in subsection (1), and
“the company” has the same meaning as in this section.
Textual Amendments
F1Word in s. 677(3) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 80(2) (with Sch. 4 para. 80(4))
F2Word in s. 677(5) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 80(3) (with Sch. 4 para. 80(4))