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| Schedule 2, page 77, line 39, leave out from beginning to end of line 40 and |
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| | ‘(d) | subsection (1A) does not apply. |
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| | (1A) | This subsection applies if it is reasonable to suppose that, in essence— |
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| | (a) | at the time of the acquisition of sum or asset T, the value of |
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| | sum or asset T is greater or less than the value of sum or asset |
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| | |
| | (b) | the difference (or any part of the difference) in the values |
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| | might not have been expected applying the assumption that all |
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| | relevant connected persons are acting at arm’s length of each |
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| | (a) | the reference to sum or asset S is to sum or asset S so far as |
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| | sum or asset T is acquired out of it, and |
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| | (b) | “relevant connected person” means a person with a |
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| | connection (direct or indirect) to the arrangement under which |
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| | sum or asset T is acquired.’. |
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| Schedule 2, page 77, line 43, at end insert— |
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| | ‘(2A) | Subsection (3) applies if, on its acquisition, sum or asset T is the |
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| | subject of a relevant step within section 554B taken by P.’. |
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| Schedule 2, page 77, line 44, leave out ‘mentioned in subsection (1)(d)’. |
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| Schedule 2, page 78, line 4, at end insert ‘and’. |
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| Schedule 2, page 78, line 7, leave out from ‘(b)’ to end of line 18. |
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| Schedule 2, page 78, line 20, leave out from beginning to ‘and’ in line 23 and |
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| | ‘(a) | on its acquisition, sum or asset T— |
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| | (i) | is the subject of a relevant step within section 554B |
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| | taken by P by reason of which Chapter 2 applies or |
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| | would apply apart from subsection (3) above or any of |
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| | sections 554H to 554LA, 554P or 554S, or |
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| | (ii) | if sub-paragraph (i) does not apply, is held by or on |
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| | behalf of P on the same basis as that on which sum or |
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| | asset S was held by or on behalf of P immediately |
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| | before the acquisition,’. |
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| Schedule 2, page 84, line 42, at end insert— |
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| | ‘(5A) | And for that purpose, section 170(2) to (11) is to be read as if for “75 |
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| | per cent” (wherever occurring) there were substituted “51 per cent” |
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| | (with section 1154(2) of CTA 2010 applying accordingly).’ |
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| Schedule 2, page 88, line 8, after ‘section’ insert ‘or section 554Z6’. |
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| Schedule 2, page 88, line 9, leave out ‘sections 554Z5 to’ and insert ‘section 554Z5 |
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| Schedule 2, page 88, line 43, after ‘(10)’ insert ‘or 554LA(4), (6) or (8)’. |
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| Schedule 2, page 89, line 2, leave out ‘B may grant A a right (“a relevant share |
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| option”)’ and insert ‘a right (“a relevant share option”) may be granted to A’. |
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| Schedule 2, page 89, line 36, after ‘554L(10)’ insert ‘or 554LA(8)’. |
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| Schedule 2, page 90, line 9, leave out ‘which is three months after’ and insert |
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| ‘falling immediately after the period of three months starting with’. |
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| Schedule 2, page 90, line 11, after ‘at’ insert ‘the end of’. |
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| Schedule 2, page 96, line 20, at end insert— |
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| | ‘(10) | In relation to times after the relief is given, the Tax Acts have effect as |
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| | if this Chapter had never applied by reason of the original relevant |
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| Schedule 2, page 96, line 29, at end insert— |
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| | Undertakings given by employers etc in relation to retirement |
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| | (1) | This Chapter applies if there is an undertaking (“the relevant |
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| | undertaking”) that a contribution to which subsection (2) would apply |
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| | (2) | This subsection applies to a contribution if— |
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| | (a) | the contribution is paid to an arrangement which is not a |
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| | registered pension scheme, |
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| | (b) | in connection with that arrangement (directly or indirectly), |
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| | relevant benefits are to be provided (directly or indirectly) out |
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| | of the contribution by a relevant third person, |
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| | (c) | the provision of the relevant benefits would be a relevant step, |
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| | |
| | (d) | the contribution is neither a tax-relieved contribution nor tax- |
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| | |
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| | “relevant benefits” has the same meaning as in Chapter 2 of Part 6, but |
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| | ignoring section 393B(2)(a), |
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| | “relevant third person” means a person within section 554A(7)(a) to (c) |
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| | (ignoring this Chapter), and |
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| | “tax-exempt provision” and “tax-relieved contribution” have the |
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| | meaning given by paragraph 3(3) and (4) of Schedule 34 to FA 2004. |
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| | (4) | In this Chapter references to an undertaking include references to— |
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| | (a) | an undertaking which is not legally enforceable, and |
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| | (b) | an undertaking which is to be performed only on or following |
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| | the meeting of a condition (including a condition which might |
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| | 554Z16 | Employer etc to be treated as relevant third person etc |
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| | (1) | If B takes a step within section 554Z17 or 554Z18, Chapters 1 and 2 |
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| | have effect in relation to the step— |
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| | (a) | as if B were a relevant third person for the purposes of section |
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| | (b) | as if the step were a relevant step within section 554B (if it |
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| | |
| | (2) | For the purpose of determining whether Chapter 2 applies by reason |
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| | of the step, Chapter 1 has effect— |
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| | (a) | as if sections 554F to 554N, 554R to 554T, 554V and 554W |
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| | |
| | (b) | if the step is within section 554Z17, as if sections 554P(2)(d), |
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| | (3) and (4) and 554Q(1)(c) and (d), (1A) and (1B) were |
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| | (c) | if the step is within section 554Z18, as if sections 554P and |
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| | |
| | (3) | If Chapter 2 applies by reason of the step, Chapter 2 has effect as if |
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| | sections 554Z6 to 554Z11 were omitted. |
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| | (4) | If Chapter 2 does not apply by reason of the step by virtue of section |
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| | 554E(3) or (5A), section 554E(6) and (7) does not apply in relation to |
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| | (5) | For further modifications of Chapters 1 and 2, see sections 554Z17(3) |
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| | and (4), 554Z18(5) and (6), 554Z19 and 554Z20. |
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| | (6) | Regulations under section 554X may (in particular) make provision |
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| | covering cases in which Chapters 1 and 2 have effect as provided for |
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| | |
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| | (a) | references to B do not include references to B acting as a |
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| | |
| | (b) | if B is a company and is a member of a group of companies, |
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| | references to B are to be read as including references to any |
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| | other company which is a member of that group, and |
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| | (c) | if B is a limited liability partnership, references to B are to be |
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| | read as including references to any company which is a |
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| | wholly-owned subsidiary (as defined in section 1159(2) of the |
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| | Companies Act 2006) of B. |
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| | |
| | (1) | B takes a step within this section if— |
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| | (a) | a sum of money or asset held by or on behalf of B is earmarked |
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| | (however informally) by B with a view to the relevant |
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| | undertaking being performed at a later time (wholly or partly) |
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| | |
| | (i) | that sum of money or asset, or |
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| | (ii) | any sum of money or asset which may arise or derive |
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| | (directly or indirectly) from it, or |
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| | (b) | a sum of money or asset otherwise starts being held by or on |
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| | behalf of B, specifically with a view, so far as B is concerned, |
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| | to the relevant undertaking being performed at a later time |
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| | (wholly or partly) out of— |
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| | (i) | that sum of money or asset, or |
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| | (ii) | any sum of money or asset which may arise or derive |
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| | (directly or indirectly) from it. |
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| | (2) | For the purposes of subsection (1)(b) it does not matter whether or not |
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| | the sum of money or asset in question has previously been held by or |
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| | on behalf of B on a basis which is different to that mentioned in |
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| | |
| | (3) | Subsection (4) applies if, in the application of section 554P or 554Q in |
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| | any case, the relevant step mentioned in section 554P(2)(a) or |
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| | 554Q(3)(a) is a step within this section taken by B. |
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| | (4) | In section 554P(2)(c) or 554Q(3)(c) (as the case may be) the reference |
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| | to section 554B(1)(a) or (b) is to be read as a reference to subsection |
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| | |
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