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Finance Act 2002

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This is the original version (as it was originally enacted).

Change in ownership of investment company

58(1)Schedule 28A is amended as follows.

(2)In paragraph 6(dc) (amounts in issue for the purposes of section 768B: non-trading deficit carried forward under section 83(3) of the Finance Act 1996 (c. 8)) for “83(3)” substitute “83(3A)”.

(3)In paragraph 7(1)(d) (apportionment for section 768B in case of debits falling to be brought into account otherwise than on the assumption that interest does not accrue until paid) omit “and” immediately preceding sub-paragraph (iii) and at the end of that sub-paragraph insert , and

(iv)so falls to be brought into account without any adjustment under paragraph 17 or 18 of that Schedule (debit relating to amount of discount referable to the relevant accounting period to be brought into account instead for the accounting period in which the security is redeemed),.

(4)In paragraph 7(1)(e) (apportionment for section 768B in case of debits falling to be brought into account on the assumption that interest does not accrue until paid) omit “and” immediately preceding sub-paragraph (iii) and at the end of that sub-paragraph insert , and

(iv)so falls to be brought into account with such an adjustment as is mentioned in paragraph (d)(iv) above,.

(5)Omit paragraph 7(2) (which relates to charges consisting of interest and which accordingly has no further application).

(6)In paragraph 11(1) (debits that fall within paragraph 11)—

(a)for the word “and” immediately preceding paragraph (c) substitute the following paragraph—

(bb)so falls to be brought into account with an adjustment under paragraph 17 or 18 of that Schedule (debit relating to amount of discount referable to the relevant accounting period to be brought into account instead for the accounting period in which the security is redeemed); and; and

(b)in paragraph (c) (accounting period in which the debit would have been brought into account, apart from the sub-paragraph mentioned in paragraph (b)) for “apart from that sub-paragraph” substitute “apart from paragraphs 2(2), 17 and 18 of that Schedule,”.

(7)In paragraph 13(1)(ec) (amounts in issue for the purposes of section 768C: non-trading deficit carried forward under section 83(3) of the Finance Act 1996 (c. 8)) for “83(3)” substitute “83(3A)”.

(8)In paragraph 16(1)(d) (manner of apportionment in case of debits falling to be brought into account otherwise than on the assumption that interest does not accrue until paid) omit “and” immediately preceding sub-paragraph (iii) and at the end of that sub-paragraph insert , and

(iv)so falls to be brought into account without any adjustment under paragraph 17 or 18 of that Schedule (debit relating to amount of discount referable to the relevant accounting period to be brought into account instead for the accounting period in which the security is redeemed),.

(9)In paragraph 16(1)(e) (manner of apportionment in case of debits falling to be brought into account on the assumption that interest does not accrue until paid) omit “and” immediately preceding sub-paragraph (iii) and at the end of that sub-paragraph insert , and

(iv)so falls to be brought into account with such an adjustment as is mentioned in paragraph (d)(iv) above,.

(10)Omit paragraph 16(2) (which relates to charges consisting of interest and which accordingly has no further application).

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