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Paragraph 73

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

(1)

This Part applies where—

(a)

a chargeable gain (“the original gain”) accrues to the investing company at any time (“the accrual time”),

(b)

the gain is one accruing either—

(i)

on a disposal of shares to which investment relief was attributable immediately before the disposal, or

(ii)

by virtue of paragraph 79 on the occurrence of a chargeable event in relation to shares to which deferral relief is attributable immediately before the event,

and

(c)

the investing company makes a qualifying investment.

(2)

In determining for the purposes of sub-paragraph (1)(a) whether or not a chargeable gain accrues at any time paragraph 76 (postponement of original gain) shall be disregarded.

(3)

Sub-paragraph (1)(b)(i) does not apply to a disposal of shares unless the shares were held by the investing company continuously from the time they were issued until the disposal.