Amendment of the Taxation of Chargeable Gains Act 1992

2.  In paragraph 34 of Schedule 7AC to the Taxation of Chargeable Gains Act 1992(1) (exemptions for disposals by companies with substantial shareholding) after sub-paragraph (1) insert—

“(2) Sub-paragraph (1) does not apply where the relevant earlier transaction is a disposal and reacquisition deemed to have occurred (in a period of account beginning before 1 January 2005) under section 92(7) of the Finance Act 1996 (convertible securities etc: creditor relationships).”.

(1)

1992 c. 12. Schedule 7AC was inserted by paragraph 1 of Schedule 8 to the Finance Act 2002 (c. 23). Paragraph 34 of Schedule 7AC was amended by paragraph 386 of Schedule 1 to the Corporation Tax Act 2009.