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Paragraph 35

United Kingdom

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

(1)

The relevant shares must satisfy sub-paragraphs (2) and (3).

(2)

Shares satisfy this sub-paragraph if they are—

(a)

ordinary shares,

(b)

subscribed for wholly in cash, and

(c)

fully paid up at the time they are issued.

Shares are not fully paid up for the purposes of paragraph (c) if there is any undertaking to pay cash to F1any person at a future date in respect of the acquisition of the shares.

(3)

Shares satisfy this sub-paragraph if they do not, at any time during the qualification period relating to the relevant shares, carry—

(a)

any present or future preferential right to dividends or to a company’s assets on its winding up, or

(b)

any present or future right to be redeemed.

Annotations

Textual amendments

F1

Words in Sch. 15 para. 35(2)(c) substituted (22.7.2004) (with effect in accordance with Sch. 20 para. 15 of the amending Act) by Finance Act 2004 (c. 12), Sch. 20 para. 10