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Claims |
| | 19. - (1) In subsection (1) of section 306 of the Taxes Act 1988, after the word "assessment", in the first place where it occurs, there shall be inserted the words "(or treated by section 289B(5) as so issued)".
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(2) In subsection (2) of that section, for the words "the conditions for the relief, so far as applying to the company and the trade," there shall be substituted the words ", except so far as they fall to be satisfied by that person, the conditions for the relief".
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(3) For subsection (3) of that section there shall be substituted the following subsection-
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"(3) Before issuing a certificate for the purposes of subsection (2) above a company shall furnish the inspector with a statement to the effect that, except so far as they fall to be satisfied by the persons to whom eligible shares comprised in the share issue have been issued, the conditions for the relief-
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(a) are satisfied in relation to that issue; and |
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(b) have been so satisfied at all times since the beginning of the relevant period." |
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(4) In subsection (3A) of that section, the words "but section 289B(5) shall not apply for the purposes of this subsection" shall cease to have effect.
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(5) For subsections (4) and (5) of that section there shall be substituted the following subsections-
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"(4) No certificate shall be issued for the purposes of subsection (2) above without the authority of the inspector; but where the company, or a person connected with the company, has given notice to the inspector under section 310(2) or paragraph 16(2) or (4) of Schedule 5B to the 1992 Act, the authority must be given or renewed after the receipt of the notice.
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(5) Any statement under subsection (3) above shall be in such form as the Board may direct and shall contain-
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(a) such additional information as the Board may reasonably require, including in particular information relating to the persons who have requested the issue of certificates under subsection (2) above; |
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(b) a declaration that the statement is correct to the best of the company's knowledge and belief; and |
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(c) such other declarations as the Board may reasonably require." |
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Withdrawal of relief |
| | 20. - (1) In subsection (1A) of section 307 of the Taxes Act 1988-
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(a) for the words "section 289(1)(b) or (c)" there shall be substituted the words "section 289(1)(b), (ba) or (c)"; and |
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(b) after the words "section 310" there shall be inserted the words "or paragraph 16(2) or (4) of Schedule 5B to the 1992 Act". |
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(2) After subsection (1B) of that section there shall be inserted the following subsection-
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"(1C) Where any issue has been determined on an appeal brought by virtue of paragraph 1A(6) of Schedule 5B to the 1992 Act (appeal against notice that shares never have been, or have ceased to be, eligible shares), the determination shall be conclusive for the purposes of any appeal brought by virtue of subsection (1B) above on which that issue arises."
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(3) In subsection (4) of that section, for the words "ordinary shares" there shall be substituted the words "eligible shares".
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(4) In subsection (6)(b) of that section, for the words "section 291" there shall be substituted the words "section 289(1)(ba), 291".
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Application to subsidiaries |
| | 21. In subsection (2) of section 308 of the Taxes Act 1988, for the words "90 per cent", in each place where they occur, there shall be substituted the words "75 per cent".
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Information |
| | 22. - (1) In subsection (1) of section 310 of the Taxes Act 1988, for the words "299A, 300 or 304" there shall be substituted the words "299A or 300".
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(2) In subsection (2) of that section-
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(a) for the words "289(1)(c) or (6), 293, 297" there shall be substituted the words "289(1)(ba) or (c), 293"; and |
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(b) the words "or payment" shall cease to have effect. |
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(3) In subsection (7) of that section, for the words "300, 301 and 303(3)" there shall be substituted the words "300 and 303(3)".
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(4) After subsection (9) of that section there shall be inserted the following subsection-
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"(9A) References in this section to withdrawal of relief include its reduction."
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(5) This paragraph has effect in relation to events occurring on or after 6th April 1998.
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Interpretation of Chapter III |
| | 23. - (1) In subsection (1) of section 312 of the Taxes Act 1988-
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(a) the definition of "new consideration" shall cease to have effect; and |
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(b) for the definitions of "research and development" and "relief" there shall be substituted the following definitions- |
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""relief" means relief under this Chapter; |
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"research and development" means any activity which is intended to result in a patentable invention (within the meaning of the Patents Act 1977) or in a computer program; |
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"the seven year period" has the meaning given by section 291(6);". |
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(2) In subsection (1A) of that section, the words "(disregarding section 289B(5))" shall cease to have effect.
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(3) In subsection (1B)(c) of that section, the words "dealt in on the Unlisted Securities Market or" shall cease to have effect.
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(4) In subsection (2) of that section, for the words "sections 291 to 291B" there shall be substituted the words "section 291, section 291A(1), (4) and (5) and section 291B".
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(5) After subsection (4) of that section there shall be inserted the following subsections-
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"(4A) In this Chapter references (however expressed) to an issue of eligible shares in any company are to any eligible shares in the company that are of the same class and are issued on the same day.
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(4B) For the purposes of this Chapter shares in a company shall not be treated as being of the same class unless they would be so treated if dealt with on the Stock Exchange."
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(6) In subsection (7) of that section, for the words "section 289(2)(c)" there shall be substituted the words "subsection (2)(c) of section 289".
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