Finance Act 2008

Simplification of pooling etc

98 (1) Section 147 (limits on share loss relief) is amended as follows.

(2) In subsection (1)(b)—

(a) in sub-paragraph (i), omit “or a 1982 holding” and “or” at the end, and

(b) for sub-paragraph (ii) substitute—

“(ii) at a time earlier than the time of the disposal but after 5 April 2008 formed part of a section 104 holding, or

(iii) at a time earlier than that time and than 6 April 2008 formed part of an old section 104 holding or a 1982 holding, and”.

(3) In subsection (7)—

(a) in the definition of “section 104 holding”, after “1992” insert “and “old section 104 holding” is a holding that was a section 104 holding within the meaning of that provision as it applied in relation to disposals before 6 April 2008”, and

(b) in the definition of “1982 holding”, insert at the end “as it applied in relation to disposals before 6 April 2008”.