Part 6 Losses on Disposal of Shares
Income Tax Act 2007 (2007 c 3) | Legislation

Part 6 Losses on Disposal of Shares

Qualifying trading companies

38

(1)     In relation to shares issued before 17 March 2004, section 134(2)(a) applies with the omission of sub-paragraph (iv) and the “and†immediately before it.

(2)     In relation to shares issued before 6 April 1998, section 134 applies with the substitution for subsections [(2) to (4)] of—

“(2)     Condition A is that the company either—

(a)     is a trading company on the date of the disposal, or

(b)     has ceased to be a trading company at a time which is not more than 3 years before that date and has not since that time been an excluded company or an investment company.

(3)     Condition B is that the company either—

(a)     has been a trading company for a continuous period of 6 years ending on that date or at that time, or

(b)     has been a trading company for a shorter continuous period ending on that date or [at that time and has not before] the beginning of that period been an excluded company or an investment company.

(4)     Condition C is that none of the shares in the company has been listed on a recognised

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Title guarantee and covenants for title

On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a lease, but this is rare in practice.

LEXISNEXIS

The Financial Assistance Scheme—what are the available benefits?

The Financial Assistance Scheme—what are the available benefits?THIS PRACTICE NOTE APPLIES TO SCHEMES ENTERING THE FINANCIAL ASSISTANCE SCHEME FROM 1 JANUARY 2012.Where a scheme, its employer(s) and individual members have satisfied the criteria for eligibility into the Financial Assistance Scheme

LEXISNEXIS

Control of asbestos—duty to manage

The Control of Asbestos Regulations 2012 (CAR 2012) place various duties on employers to protect employees from risks related to exposure to asbestos and make it clear that these duties, so far as is reasonably practicable, are also owed to any other person, whether at work or not, who may be

LEXISNEXIS

Arbitration agreements—definition, purpose and interpretation

Arbitration agreements—definition, purpose and interpretationThis Practice Note considers the nature and scope of arbitration agreements with a particular focus on arbitration agreements pursuant to the law of England and Wales, although it also discusses the concept from an international