32SWhere the following conditions are met, paragraphs 13 to 31 have effect in relation to the relevant transaction as if the seller in relation to the earliest previous transaction falling within paragraph 37 were the seller in relation to the relevant transaction.
Commencement Information
I1 Sch. 10 para. 32 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
33SThe first condition is that there is a change in control of the buyer.
Commencement Information
I2 Sch. 10 para. 33 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
34SThe second condition is that the change occurs—
(a)before the end of the period of 3 years beginning with the effective date of the transaction which is exempt from charge by virtue of this schedule (“the relevant transaction”), or
(b)in pursuance of, or in connection with, arrangements made before the end of that period.
Commencement Information
I3 Sch. 10 para. 34 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
35SThe third condition is that, apart from paragraph 32, relief under this schedule in relation to the relevant transaction would not be withdrawn under paragraph 13.
Commencement Information
I4 Sch. 10 para. 35 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
36SThe fourth condition is that any previous transaction falls within paragraph 37.
Commencement Information
I5 Sch. 10 para. 36 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
37SA previous transaction falls within this paragraph if—
(a)the previous transaction is exempt from charge by virtue of this schedule or schedule 11 (reconstruction relief and acquisition relief),
(b)the effective date of the previous transaction is less than 3 years before the date of the change mentioned in the first condition,
(c)the chargeable interest acquired under the relevant transaction by the buyer in relation to that transaction is the same as, comprises, forms part of, or is derived from, the chargeable interest acquired under the previous transaction by the buyer in relation to the previous transaction, and
(d)since the previous transaction, the chargeable interest acquired under that transaction has not been acquired by any person under a transaction that is not exempt from charge by virtue of this schedule or schedule 11 (reconstruction relief and acquisition relief).
Commencement Information
I6 Sch. 10 para. 37 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
38SParagraph 33 does not apply where—
(a)there is a change in the control of the buyer because a loan creditor (within the meaning given by section 453 of the Corporation Tax Act 2010 (c.4)) obtains control of, or ceases to control, the buyer, and
(b)the other persons who controlled the buyer before the change continue to do so.
Commencement Information
I7 Sch. 10 para. 38 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
39SIf two or more transactions effected at the same time are the earliest previous transactions falling within paragraph 37, the reference in paragraph 32 to the seller in relation to the earliest previous transaction is a reference to the persons who are the sellers in relation to the earliest previous transactions.
Commencement Information
I8 Sch. 10 para. 39 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
40SThere is a change in the control of a company if—
(a)a person who controls the company (alone or with others) ceases to do so,
(b)a person obtains control of the company (alone or with others), or
(c)the company is wound up.
Commencement Information
I9 Sch. 10 para. 40 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2