SCHEDULES
SCHEDULE 6Avoidance involving financial arrangements
14Shares treated as loan relationships: application of rules to non-qualifying shares
1
Section 91B of FA 1996 (non-qualifying shares) is amended as follows.
2
In subsection (1) (conditions for section to apply)—
a
in the opening words, for “a company if at any time in an accounting period” substitute “the times in a company’s accounting period during which”, and
b
in the words after paragraph (c), for “at no time in the accounting period does section 91A above apply” substitute “, during those times, section 91A above does not apply”.
3
In subsection (2) (how Chapter has effect for the accounting period) after “as if” insert “during those times”.
4
The amendments made by this paragraph have effect in relation to accounting periods ending on or after 22nd March 2006.
5
But, in relation to an accounting period beginning before 22nd March 2006, amounts are to be brought into account for the purposes of Chapter 2 of Part 4 of FA 1996 as a result of those amendments only if the amounts relate to any time on or after that date.