Paragraph 7 F1
United Kingdom
Sub-paragraph (2) applies where—
a claim is made under paragraph 5,
immediately after the time of the acquisition mentioned in paragraph 3 and apart from this paragraph, any replacement asset was a chargeable asset in relation to the claimant,
the asset consists of shares, and
relief is claimed under Chapter III of Part VII of the Taxes Act F2or Part 5 of ITA 2007 (enterprise investment scheme) at any time in the period beginning with the acquisition and ending when paragraph 5(1) or (2) falls to be applied.
In such a case the asset shall be treated as if, immediately after the time of the acquisition mentioned in paragraph 3, it was not a chargeable asset in relation to the claimant.
Sub-paragraph (4) applies where—
the provisions of paragraph 5(1) or (2) have been applied,
any replacement asset which, immediately after the time of the acquisition mentioned in paragraph 3 and apart from this paragraph, was a chargeable asset in relation to the claimant consists of shares, and
at any time after paragraph 5(1) or (2) has been applied relief is claimed in respect of the asset under Chapter III of Part VII of the Taxes Act F3or Part 5 of ITA 2007 (enterprise investment scheme).
In such a case the asset shall be treated as if, immediately after the time of the acquisition mentioned in paragraph 3, it was not a chargeable asset in relation to the claimant and adjustments shall be made accordingly.
Annotations
Textual amendments
- F1
Sch. 7C inserted (28.7.2000) by Finance Act 2000 (c. 17), s. 48(2), Sch. 9
- F2
Words in Sch. 7C para. 7(1)(d) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 348(3) (with Sch. 2)
- F3
Words in Sch. 7C para. 7(3)(c) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 348(3) (with Sch. 2)
Notes on Schedule 7C
Textual amendments
- F2
Words in Sch. 7C heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 37, 89 (with Sch. 8 paras. 90-96)