Paragraph 3

United Kingdom

(1)

Amount A is the lower of—

(a)

the amount of the company’s capital immediately before the change in the ownership; and

(b)

the highest 60 day minimum amount for the pre-change year, found in accordance with sub-paragraphs (2) to (6) below.

(2)

Find the daily amounts of the company’s capital over the pre-change year.

(3)

Take the highest of the daily amounts.

(4)

Find out whether there was in the pre-change year a period of 60 days or more in which there was no daily amount lower than the amount taken.

(5)

If there was, the amount taken is the highest 60 day minimum amount for the pre-change year.

(6)

If there was not, take the next highest of the daily amounts and repeat the process in sub-paragraph (4) above; and so on, until the highest 60 day minimum amount for the pre-change year is found.

(7)

In this Part of this Schedule “the pre-change year” means the period of one year ending immediately before the change in the ownership of the company in question.

Notes on Schedule 28A

Textual amendments

F1: Sch. 28A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 149, Sch. 3 Pt. 1 (with Sch. 2)
F2: Sch. 28A inserted (with effect in accordance with Sch. 26 para. 5 of the amending Act) by Finance Act 1995 (c. 4), Sch. 26 para. 3
F3: Sch. 28A heading substituted (28.9.2004 with effect in accordance with art. 1(2) of the amending S.I.) by virtue of The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), art. 2, Sch. para. 39(11)