{
  "url": "https://openlegislation.uk/agriculture-act-1993/schedule-2/paragraph-3",
  "json_url": "https://openlegislation.uk/agriculture-act-1993/schedule-2/paragraph-3.json",
  "legislation": "ukpga/1993/37",
  "legislation_title": "Agriculture Act 1993",
  "legislation_url": "https://openlegislation.uk/agriculture-act-1993",
  "path": "schedule/2/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": null,
  "text": "(1) This paragraph applies where—\n(a) in accordance with an approved scheme, shares in a subsidiary of the board to which the scheme relates are transferred otherwise than under section 11 above to a qualifying body (“the successor”), and\n(b) the scheme provides—\n(i) for free shares in the successor to be issued or transferred to persons by virtue of their being, or having been, registered producers, and\n(ii) for the taking of steps with a view to securing the quotation of the successor on the Stock Exchange.\n(2) For the purposes of the Corporation Tax Acts—\n(a) the shares transferred to the successor shall be treated as having been, at the time when they became vested in the transferor and at all times since that time, vested in the successor; and\n(b) anything done by the transferor in relation to the shares transferred to the successor shall be deemed to have been done by the successor.\n(3) For the purposes of sub-paragraph (1)(b)(i) above, shares are free if they are issued or transferred without any consideration being provided by the persons acquiring them, there being disregarded for this purpose any depreciatory effect of transfers under the scheme on the value of a right to participate in the winding up of the board to which the scheme relates.\n(4) This paragraph shall have effect in relation to accounting periods beginning after the last complete accounting period of the transferor ending before the date of the transfer to the successor.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1993/37/schedule/2/paragraph/3",
    "retrieved_at": "2026-10-29T09:34:52.850394+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}