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Paragraph 13

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

The investing company is not a qualifying investing company in relation to the relevant shares unless the shares are a chargeable asset of the company immediately after they are issued to it.

(2)

For this purpose an asset is a chargeable asset of that company at any time if, on a disposal at that time, a gain accruing to the company would be a chargeable gain.

(3)

In this paragraph “asset” has the same meaning as in the 1992 Act.