{
  "url": "https://openlegislation.uk/finance-act-2001/schedule-15/paragraph-40",
  "json_url": "https://openlegislation.uk/finance-act-2001/schedule-15/paragraph-40.json",
  "legislation": "ukpga/2001/9",
  "legislation_title": "Finance Act 2001",
  "legislation_url": "https://openlegislation.uk/finance-act-2001",
  "path": "schedule/15/paragraph/40",
  "kind": "paragraph",
  "number": "40",
  "heading": "Commencement",
  "text": "(1) Except where provision is made to the contrary, the amendments made by this Schedule have effect in accordance with the following provisions of this paragraph.\n(2) The amendments made by paragraphs ... 26 to 29 and 37 have effect—\n(a) in relation to shares issued on or after 7th March 2001, and\n(b) in respect of the application of ... Schedule 5B to the Taxation of Chargeable Gains Act 1992 (c. 12) on or after 7th March 2001 in relation to shares—\n(i) that were issued after 31st December 1993 but before 7th March 2001, and\n(ii) to which income tax relief or deferral relief was attributable immediately before 7th March 2001.\n(3) The amendments made by paragraphs ... 30 to 34 and 36 have effect—\n(a) in relation to shares issued on or after 7th March 2001, and\n(b) in relation to shares issued before that date, in respect of the application of the provisions mentioned in sub-paragraph (2)(b) in relation to—\n(i) value received (within the meaning of ... paragraph 13 of Schedule 5B to the Taxation of Chargeable Gains Act 1992), and\n(ii) repayments made,\non or after that date.\n(4) For the purposes of this paragraph—\n“deferral relief” has the same meaning as in Schedule 5B to the Taxation of Chargeable Gains Act 1992 (c. 12) (enterprise investment scheme: reinvestment);\n“income tax relief” means relief under Chapter 3 of Part 7 of the Taxes Act 1988 (enterprise investment scheme); and\n“repayment” means a repayment, redemption, repurchase or payment mentioned in section 303(1) of the Taxes Act 1988 or paragraph 14(1) of Schedule 5B to the Taxation of Chargeable Gains Act 1992.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 15 para. 40(2) repealed (with effect in accordance with s. 1034(1)(3) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 2 (with Sch. 2)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 15 para. 40(3) repealed (with effect in accordance with s. 1034(1)(3) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 2 (with Sch. 2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2001/9/schedule/15/paragraph/40",
    "retrieved_at": "2026-10-29T09:20:10.469456+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."
}