{
  "url": "https://openlegislation.uk/finance-act-2012/schedule-16/paragraph-88",
  "json_url": "https://openlegislation.uk/finance-act-2012/schedule-16/paragraph-88.json",
  "legislation": "ukpga/2012/14",
  "legislation_title": "Finance Act 2012",
  "legislation_url": "https://openlegislation.uk/finance-act-2012",
  "path": "schedule/16/paragraph/88",
  "kind": "paragraph",
  "number": "88",
  "heading": null,
  "text": "(1) Schedule 7AC (exemptions for disposals by companies with substantial shareholdings) is amended as follows.\n(2) In paragraph 6(1)(c), for “section 440(1) or (2) of the Taxes Act” substitute “ any of sections 116 to 118 of the Finance Act 2012 ”.\n(3) Paragraph 17 is amended as follows.\n(4) In sub-paragraph (2), for “of its long-term insurance fund” substitute “ held by it for the purposes of its long-term business ”.\n(5) In sub-paragraph (3)(b), for “of its long-term insurance fund” substitute “ for the purposes of its long-term business ”.\n(6) In sub-paragraph (4), for “as assets of its long-term insurance fund” substitute “ for the purposes of its long-term business ”.\n(7) In sub-paragraph (4A)—\n(a) for “of the investing company's long-term insurance fund” substitute “ held by the investing company for the purposes of its long-term business ”,\n(b) for “as assets of its long-term insurance fund” substitute “ for the purposes of its long-term business ”, and\n(c) for “a structural asset, or structural assets, within the meaning of section 83XA of the Finance Act 1989” substitute “ an asset or assets which formed part of the long-term business fixed capital of the company in question ”.\n(8) In the italic heading before that paragraph, for “insurance company's long-term insurance fund” substitute “ insurance company held for the purposes of its long-term business ”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2012/14/schedule/16/paragraph/88",
    "retrieved_at": "2026-10-29T09:08:44.989153+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."
}