- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
(1)If section 523 (application of Part 5 to certain shares as rights under creditor relationship) applies, the credits to be brought into account by the investing company for the purposes of Part 5 as respects the share are to be determined on the basis of fair value accounting.
(2)Subsection (1) is subject to subsections (4) and (5).
(3)Section 525(3) applies for the purposes of subsection (1) as it applies for the purposes of section 525(1).
(4)In the case of shares to which section 524 applies (shares subject to outstanding third party obligations), in determining the credits to be brought into account there must be left out of account any amounts in respect of any transaction (or series of transactions) which—
(a)would have the effect of preventing either of the conditions in section 525(1) (conditions for share to be an interest-like investment) from being met, or
(b)would do so if the assumption in section 525(4)(b) were ignored.
(5)In the case of shares to which section 526 applies (non-qualifying shares) where the increasing value condition is met (see section 527), in determining the credits to be brought into account there must be left out of account any amounts in respect of any transaction (or series of transactions) which—
(a)would have the effect of preventing that condition from being met, or
(b)would do so if the assumption in section 527(5) were ignored.
(6)Subsection (7) applies if section 523 applies in the case of shares to which section 526 applies where the associated transactions condition is met (see section 532).
(7)The debits to be brought into account by the investing company for the purposes of Part 5 as respects the share must not exceed the amount of the credits brought into account in respect of the associated transactions under Part 7 (derivative contracts), as a result of section 588, in accordance with section 603 (non-qualifying shares where the associated transactions condition is met).
(8)Subsection (1) applies instead of section 349 (application of amortised cost basis to connected companies relationships) if that section would otherwise apply.
(1)This section applies if at any time section 523 (application of Part 5 to certain shares as rights under creditor relationship) ceases to apply in the case of a share held by the investing company.
(2)The company is treated for the purposes of Part 5—
(a)as having disposed of the share immediately before that time for consideration of an amount equal to its fair value at that time, and
(b)as having immediately reacquired it for consideration of the same amount.
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