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| | | (aa) | the consideration for the disposal does not consist wholly of |
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| | | new qualifying holdings’. |
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| | Schedule 16, page 210, line 35, after ‘disposal’ insert ‘(but see subsection (3A))’. |
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| | |
| | | |
| | Schedule 16, page 210, line 37, leave out ‘money obtained from’ and insert ‘any |
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| | monetary consideration for’. |
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| | Schedule 16, page 210, line 41, at end insert— |
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| | | ‘(3A) | If the consideration for the disposal includes new qualifying holdings, |
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| | | subsection (2)(a) has effect as if the reference to the holding were to |
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| | | the appropriate proportion of the holding (the value of which is that |
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| | | proportion of the value of the holding, determined in accordance with |
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| | | |
| | | (3B) | The appropriate proportion is—![equation: over[plus[times[char[T],char[C]],minus[times[char[N],char[Q],char[H]]]],times[char[
T],char[C]]]](missing.gif) |
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| | | |
| | | TC is the market value (at the time of the disposal) of the total |
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| | | consideration for the disposal, and |
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| | | NQH is the market value (at that time) of the new qualifying holdings.’. |
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| | | |
| | Schedule 16, page 211, line 4, at end insert— |
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| | | ‘(4A) | “New qualifying holdings” means shares or securities which (on |
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| | | transfer to the company) are comprised in the company’s qualifying |
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| | Schedule 16, page 211, line 7, at end insert— |
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| | | ‘(6) | Nothing in this section applies in relation to disposals between |
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| | | companies that are merging (within the meaning of section 323).’. |
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| | | Schedule, as amended, Agreed to. |
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| | Schedule 17, page 214, line 11, leave out ‘transfers’ and insert ‘disposes of’. |
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| | Schedule 17, page 214, line 13, after ‘S’ insert ‘to another company (“P”),’. |
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| | |
| | | |
| | Schedule 17, page 214, line 14, leave out ‘on the date of the transfer of the asset, S’ |
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| | and insert ‘on the date when it acquires the interest in S, P’. |
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| | | |
| | Schedule 17, page 214, line 15, after ‘109’ insert ‘(as modified by paragraph 8 of |
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| | Schedule 17, page 214, line 17, leave out ‘transfer’and insert ‘disposal of the |
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| | Schedule 17, page 214, line 18, leave out ‘S’ and insert ‘the group of which S is a |
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| | Schedule 17, page 214, line 19, at end insert— |
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| | | ‘( ) | P may give a notice under section 109 (as modified by paragraph 8 of Schedule |
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| | | 17) in accordance with subsection (1)(c) even if it does not expect to satisfy |
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| | | Conditions 3 to 6 of Section 106 throughout the accounting period specified in |
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| | Schedule 17, page 214, line 21, leave out ‘S’ and insert ‘the group of which S is a |
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| | Schedule 17, page 214, line 22, leave out ‘transferred’ and insert ‘disposed of’. |
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| | | |
| | Schedule 17, page 214, line 24, leave out ‘transfer’ and insert ‘disposal’. |
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| | | |
| | Schedule 17, page 214, line 25, at end insert— |
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| | | ‘( ) | But if, at the end of the period of six months mentioned in subsection (1)(c), |
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| | | Conditions 3 to 6 in section 106 are not satisfied in relation to P, subsection (2) |
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| | | shall be treated as not having had effect.’. |
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| | Schedule 17, page 215, line 13, after ‘group’ insert ‘(“Group 1”)’. |
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| | | |
| | Schedule 17, page 215, line 16, leave out ‘the group,’ and insert ‘Group 1,’. |
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| | |
| | | |
| | Schedule 17, page 215, line 19, leave out ‘the principal company of a group’ and |
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| | insert ‘a member of another group (“Group 2”)’. |
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| | | |
| | Schedule 17, page 215, line 22, leave out ‘it’ and insert ‘the company (or the |
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| | principal company of Group 2)’. |
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| | |
| | | |
| | Schedule 17, page 215, line 24, leave out ‘the group,’ and insert ‘Group 1,’. |
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| | Schedule 17, page 215, line 27, leave out ‘the group.’ and insert ‘Group 1.’. |
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| | | |
| | Schedule 17, page 215, line 34, leave out ‘the principal company’ and insert ‘a |
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| | Schedule 17, page 215, line 36, leave out ‘the group.’ and insert ‘Group 1.’. |
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| | | |
| | Schedule 17, page 216, line 3, leave out ‘the principal company’ and insert ‘a |
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| | |
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| | Schedule 17, page 216, line 5, leave out ‘the group.’ and insert ‘Group 1.’. |
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| | | Schedule, as amended, Agreed to. |
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| | | |
| | Clause 52, page 33, line 32, leave out sub-paragraph (ii) and insert— |
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| | | ‘(ii) | to make a repayment of the capital (“the redemption payment”) |
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| | | to the bond-holder during or at the end of the bond-term (whether |
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| | | or not in instalments),’. |
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| | |
| | | |
| | Clause 52, page 35, line 50, at end insert— |
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| | | ‘(7) | For the purposes of section 417 of ICTA (close companies)— |
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| | | (a) | a bond-holder is a loan creditor in respect of the bond-issuer; |
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| | | (b) | arrangements falling within section 48A shall be disregarded in the |
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| | | application of section 417(1)(d). |
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| | | (8) | For the purposes of Schedule 18 to ICTA (group relief)— |
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| | | (a) | a bond-holder is a loan creditor in respect of the bond-issuer; |
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| | | (b) | paragraph 1(5)(b) shall be disregarded in determining whether a person |
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| | | is an equity holder by virtue of arrangements falling within section |
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| | | |
| | | Clause, as amended, Agreed to. |
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| | | Clauses 53 to 55 Agreed to. |
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| | |
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| | | |
| | Clause 56, page 38, line 33, at end insert— |
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| | | ‘(4) | But the reference to offshore funds in section 760(3)(a) does not include any |
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| | | arrangements which are not a collective investment scheme for the purposes of |
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| | | that Part of that Act.”.’. |
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| | |
| | | |
| | Clause 56, page 39, line 5, leave out subsection (7). |
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| | | Clause, as amended, Agreed to. |
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| | | |
| | [Adjourned till Thursday at 9.00 a.m. |
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|
