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Finance Act 2002
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- 2002 c. 23
- SCHEDULE 16
- Part 6
- Section 29
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Changes and effects yet to be applied to Schedule 16 Paragraph 29:
Changes and effects
This section lists the changes and effects yet to be applied to the specific provision you are viewing.
- Sch. 16 para. 29(2) text amended by 2007 c. 3 Sch. 1 para. 419(18)(a) Sch. 3 Pt. 1
- Sch. 16 para. 29(3) text amended by 2007 c. 3 Sch. 1 para. 419(18)(b)
- Sch. 16 para. 29(5) text amended by 2007 c. 3 Sch. 1 para. 419(18)(c)
- Sch. 16 para. 29(5) text amended by 2007 c. 3 Sch. 1 para. 419(18)(c) Sch. 3 Pt. 1
- Sch. 16 para. 29(6) text amended by 2007 c. 3 Sch. 1 para. 419(18)(d)
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- Act amendment to earlier affecting provision SI 2006/3271 regs. 22-24 by S.I. 2007/2146 reg. 22-24
- Act amendment to earlier affecting provision SI 2007/1050 reg. 3-12 by 2009 c. 4 Sch. 2 para. 131
- Act applied in part (with modifications) by S.I. 2007/1050 reg. 3-12 (This SI is amended by 2009 c. 4 Sch. 2 para. 131)
- Act modified by S.I. 2006/3271 reg. 37-41
- Act modified by S.I. 2009/317 art. 3 Sch.
- Blanket amendment text amended by S.I. 2011/1043 art. 3 4
- Blanket amendment text amended by S.I. 2011/1043 art. 3 6
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Commencement Orders bringing provisions within this Act into force:
- S.I. 2003/88 art. 2 3 commences (2002 c. 23)
- S.I. 2003/603 art. 2 commences (2002 c. 23)
- S.I. 2003/1472 art. 2 commences (2002 c. 23)
- S.I. 2003/2622 art. 2 commences (2002 c. 23)
- S.I. 2003/3043 art. 2 commences (2002 c. 23)
- S.I. 2003/3086 art. 2 commences (2002 c. 23)
- S.I. 2004/689 art. 2 commences (2002 c. 23)
- S.I. 2005/2007 art. 2 commences (2002 c. 23)
Commencement Orders bringing legislation that affects this Act into force:
- S.I. 2004/2575 art. 2 Sch. 1 2 commences (2004 c. 20)
- S.I. 2004/3268 art. 2 commences (2004 c. 12)
- S.I. 2005/123 art. 2 commences (2004 c. 12)
- S.I. 2005/1126 art. 2 commences (2005 c. 11)
- S.I. 2005/1444 art. 2 commences (2005 c. 14)
- S.I. 2006/982 art. 2 commences (2005 c. 22)
- S.I. 2006/3399 art. 2 commences (2006 c. 25)
- S.I. 2007/3546 art. 3 Sch. commences (2007 c. 17)
- S.I. 2008/1928 art. 2 commences (2008 c. 9)
- S.I. 2009/403 art. 2 commences (2008 c. 9)
- S.I. 2009/571 art. 2-5 commences (2008 c. 9)
- S.I. 2009/3250 art. 2 commences (2007 c. 29)
Prospective
Disposal of shares or securities during five year periodE+W+S+N.I.
29(1)This paragraph applies where the investment consists of securities or shares and—
(a)the investor disposes of the whole or any part of the investment (“the former investment”) within the five year period,
(b)the CDFI has not ceased to be accredited before the disposal, and
(c)the disposal does not arise by virtue of an event within paragraph 35(1)(a) (repayment, redemption or repurchase of securities or shares included in the investment).
(2)If the disposal is not a qualifying disposal, any relief attributable to the former investment in respect of any tax year or accounting period must be withdrawn.
(3)If the disposal is a qualifying disposal, any relief attributable to the former investment for a tax year or accounting period must—
(a)if it is greater than an amount equal to 5% of the amount or value of the consideration (if any) which the investor receives for the former investment, be reduced by that amount, and
(b)in any other case, be withdrawn.
(4)For the purposes of this paragraph “qualifying disposal” means a disposal that is—
(a)by way of a bargain made at arm’s length for full consideration, or
(b)a permitted disposal (within the meaning of paragraph 28).
(5)Where for any tax year or accounting period—
(a)the amount of relief attributable to the former investment (“A”) is less than
(b)the amount (“B”) which is equal to 5% of the invested amount in respect of the former investment for that year or period,
sub-paragraph (3)(a) shall have effect in relation to that year or period as if the amount or value referred to in that sub-paragraph were reduced by multiplying it by the fraction—
(6)Where the amount of relief attributable to the former investment in respect of a tax year or accounting period has been reduced before the relief was obtained, the amount of relief attributable to that investment shall be deemed for the purposes of sub-paragraph (5) to be the amount of the relief that would have been attributable had no such reduction been made before the relief was obtained.
(7)Sub-paragraph (6) does not apply to a reduction by virtue of paragraph 26(5) (attribution of relief where there is a corresponding issue of bonus shares).
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