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Paragraph 5 F1

United Kingdom

(1)

In this Part of this Schedule—

  • “control” shall be construed in accordance with F2sections 450 and 451 of the Corporation Tax Act 2010;

  • “ordinary share capital” has the meaning given by F3 section 989 of ITA 2007;

  • “successor company” means a corporate member (within the meaning of Chapter 5 of Part 4 of the Finance Act 1994) which is a successor member;

  • F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  • “the syndicate capacity disposal” has the meaning given by paragraph 1(3) above;

  • “underwriting business”, in relation to a successor company, has the same meaning as in Chapter 5 of Part 4 of the Finance Act 1994.

(2)

For the purposes of this Part of this Schedule, shares comprised in any letter of allotment or similar instrument shall be treated as issued unless—

(a)

the right to the shares conferred by it remains provisional until accepted, and

(b)

there has been no acceptance.

(3)

Paragraphs 3 and 4 above (and paragraph 1 above so far as relating to those paragraphs) are to be construed as one with the Gains Tax Act.

Annotations

Textual amendments

F1

Sch. 20A inserted (22.7.2004) by Finance Act 2004 (c. 12), Sch. 25 para. 3

F2

Words in Sch. 20A para. 5(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 279 (with Sch. 2)

F3

Words in Sch. 20A para. 5(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 361(3) (with Sch. 2)

F4

Words in Sch. 20A para. 5(1) omitted (16.6.2016) by virtue of The Lloyds Underwriters (Roll-over Relief on Disposal of Assets of Ancillary Trust Fund) (Tax) Regulations 2016 (S.I. 2016/597), regs. 1(1), 5

Notes on Schedule 20A

Textual amendments

F2

Sch. 20A heading substituted (19.12.2014) by The Lloyd's Underwriters (Conversion of Partnerships to Underwriting through Successor Companies) (Tax) Regulations 2014 (S.I. 2014/3133), regs. 1, 5(7)

F3

Words in Sch. 20A heading inserted (16.6.2016) by The Lloyds Underwriters (Roll-over Relief on Disposal of Assets of Ancillary Trust Fund) (Tax) Regulations 2016 (S.I. 2016/597), regs. 1(1), 9