Paragraph 5 I1
Scotland
If, immediately before the acquisition, the target company or the acquiring company holds any of its own shares, the shares are treated for the purposes of qualifying conditions F1(b) and (c) as having been cancelled before the acquisition (and, accordingly, the company is to be treated as if it were not a shareholder of itself).
Annotations
Textual amendments
- F1
Words in Sch. 11 para. 5 substituted (1.1.2015) by Revenue Scotland and Tax Powers Act 2014 (asp 16) , s. 260(2) , Sch. 4 para. 9(21)(b) (with ss. 257-259 ); S.S.I. 2014/370 , art. 2 , Sch.
Commencement
- I1
Sch. 11 para. 5 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2