{
  "url": "https://openlegislation.uk/income-tax-act-2007/schedule-2/paragraph-70",
  "json_url": "https://openlegislation.uk/income-tax-act-2007/schedule-2/paragraph-70.json",
  "legislation": "ukpga/2007/3",
  "legislation_title": "Income Tax Act 2007",
  "legislation_url": "https://openlegislation.uk/income-tax-act-2007",
  "path": "schedule/2/paragraph/70",
  "kind": "paragraph",
  "number": "70",
  "heading": null,
  "text": "(1) If at any time the requirement of section 289—\n(a) would be met in relation to a relevant holding and a company if none of the old investments were held by the investing company at that time, but\n(b) would not otherwise be met,\nthat section applies in relation to that holding as if the old investments were not held by the investing company at that time.\n(2) In sub-paragraph (1) “old investments” means shares in or securities of the relevant company acquired before 6 April 2018 by means of the investment of—\n(a) money raised by the issue before 2 July 1997 of shares in or securities of the investing company, or\n(b) money derived from the investment by that company of any such money.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 2 para. 70(2) inserted (6.4.2018) by Finance Act 2018 (c. 3), Sch. 5 paras. 8(3), 13; S.I. 2018/931, reg. 4(e)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2007/3/schedule/2/paragraph/70",
    "retrieved_at": "2026-10-29T09:13:03.599581+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."
}