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Finance Act 1994
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- 1994 c. 9
- SCHEDULE 11
- Anti-avoidance
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Changes and effects yet to be applied to Schedule 11 Crossheading Antiavoidance:
Changes and effects
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- s. 13A-16 applied by 1979 c. 7 s. 7C(3) (as substituted) by S.I. 2009/56 Sch. 1 para. 93(2)
Changes and effects yet to be applied to the whole Act, associated Parts and Chapters:
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- Blanket amendment text amended by S.I. 2011/1043 art. 3 4
- Blanket amendment text amended by S.I. 2011/1043 art. 3 6
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 10A inserted by 2007 c. 15 Sch. 13 para. 114
- s. 10A omitted by 2008 c. 9 Sch. 43 para. 3(2)
- s. 13A inserted by S.I. 2009/56 Sch. 1 para. 198
- s. 14A inserted by S.I. 2009/56 Sch. 1 para. 200
- s. 15A-15F inserted by S.I. 2009/56 Sch. 1 para. 202
- s. 59A-59G inserted by S.I. 2009/56 Sch. 1 para. 206
- s. 227A inserted by 2007 c. 11 s. 33(1)
- s. 227A(5) words substituted by 2010 c. 4 Sch. 1 para. 283
- s. 227B inserted by 2007 c. 11 s. 43(1)
- s. 828(3) excluded by 2005 c. 22 s. 45(10)
- Sch. 5A inserted by 2009 c. 10 Sch. 5 para. 5
Commencement Orders yet to be applied to the Finance Act 1994:
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Commencement Orders bringing provisions within this Act into force:
- S.I. 2006/201 art. 2 commences (2004 c. 12)
Commencement Orders bringing legislation that affects this Act into force:
- S.I. 2003/708 art. 2 commences (2001 c. 16)
- S.I. 2003/962 art. 2 commences (2002 c. 21)
- S.I. 2003/2093 art. 2 commences (2002 c. 40)
- S.I. 2005/950 art. 2-4 commences (2003 c. 44)
- S.I. 2005/1126 art. 2 commences (2005 c. 11)
- S.I. 2005/1523 art. 2 commences (1995 c. 4)
- S.I. 2005/2122 art. 2 amendment to earlier commencing SI 2005/950 Sch. 2 para. 23
- S.I. 2005/3337 art. 2 3 commences (2005 c. 22)
- S.I. 2007/2172 art. 2 commences (2007 c. 11)
- S.I. 2007/2483 art. 2-4 commences (2007 c. 11)
- S.I. 2008/2302 art. 2 commences (1998 c. 36)
- S.I. 2008/2504 art. 2 commences (2007 c. 27)
- S.I. 2009/403 art. 2 commences (2008 c. 9)
- S.I. 2009/404 art. 2 commences (2008 c. 9)
- S.I. 2009/511 art. 2 commences (2008 c. 9)
- S.I. 2009/571 art. 2-5 commences (2008 c. 9)
- S.I. 2009/1022 art. 2 commences (1998 c. 36)
- S.I. 2009/2094 art. 2 commences (2005 c. 22)
- S.I. 2010/815 art. 2 commences (2009 c. 10)
- S.I. 2010/867 art. 2 commences (2009 c. 10)
- S.I. 2011/777 art. 2 commences (2010 c. 33)
- S.R. 2006/21 art. 2 commences (S.I. 2005/1455 (N.I.))
- S.R. 2006/22 art. 2-7 transitional provisions for effects of SR 2006/21
- S.R. 2006/63 art. 2 commences (S.I. 2004/1501 (N.I.))
Anti-avoidanceE+W+S+N.I.
10In section 164L—E+W+S+N.I.
(a)after subsection (10) there is inserted—
“(10A)For the purposes of this Chapter, where—
(a)a person has acquired any eligible shares in a qualifying company (“the acquired holding”) for a consideration which is treated as reduced under this Chapter by any amount (“the held-over gain”), and
(b)after that acquisition, he acquires eligible shares in a relevant company,
he shall not be regarded in relation to his acquisition of those shares in the relevant company as acquiring a qualifying investment for the purposes of section 164A.
(10B)For the purposes of subsection (10A) above a company is a relevant company if—
(a)where that person has disposed of any of the acquired holding, it is the company in which the acquired holding has subsisted or a company which was a member of the same group of companies as that company at any time since the acquisition of the acquired holding,
(b)it is a company in relation to the disposal of any shares in which there has been a claim under this Chapter such that, without that or an equivalent claim, there would have been no held-over gain in relation to the acquired holding, or
(c)it is a company which, at the time of the disposal or acquisition to which the claim relates, was a member of the same group of companies as a company falling within paragraph (b) above”, and
(b)in subsection (11), for the definition of “chargeable business assets” there is substituted—
““chargeable business asset”, in relation to any company, means a chargeable asset (including goodwill but not including shares or securities or other assets held as investments) which is, or is an interest in, an asset used for the purposes of a trade, profession, vocation, office or employment carried on by—
(a)the individual acquiring the shares,
(b)any personal company of that individual,
(c)a member of a trading group of which the holding company is a personal company of that individual, or
(d)a partnership of which that individual is a member”.
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