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Paragraph 11 C1C2C3C4F1

(1)

For the purposes of this Part a company is not regarded as having held shares throughout a period if, at any time during that period, there is a deemed disposal and reacquisition of—

(a)

the shares concerned, or

(b)

shares, or an interest in shares, from which those shares are derived.

(2)

For the purposes of this Part a company is not regarded as having held an interest in shares throughout a period if, at any time during that period, there is a deemed disposal and reacquisition of—

(a)

the interest concerned, or

(b)

shares, or an interest in shares, from which that interest is derived.

(3)

In this paragraph—

  • “deemed disposal and reacquisition” means a disposal and immediate reacquisition treated as taking place under any enactment relating to corporation tax;

  • “derived” has the same meaning as in paragraph 10.

Annotations

Textual amendments

F1

Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1

Modifications

C1

Sch. 7AC para. 11 modified (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 22(8)

C2

Sch. 7AC para. 11 modified (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 34(2)(b)

C3

Sch. 7AC para. 11 modified (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 31(4)

C4

Sch. 7AC para. 11 modified (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 17(6)