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Income Tax Act 2007

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Changes over time for: Cross Heading: Ceasing to meet trading requirement because of administration or receivership

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Version Superseded: 01/04/2010

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Point in time view as at 01/04/2008.

Changes to legislation:

There are currently no known outstanding effects for the Income Tax Act 2007, Cross Heading: Ceasing to meet trading requirement because of administration or receivership. Help about Changes to Legislation

Ceasing to meet trading requirement because of administration or receivershipU.K.

41(1)In relation to shares issued before 17 March 2004, section 138 applies with the following modifications—U.K.

(a)in subsection (1), the omission of “merely” and the substitution for “the company or any of its subsidiaries” of “its”,

(b)in subsection (2)(b), the omission of “concerned”,

(c)in subsection (3)(a), the omission of “or any of its subsidiaries”,

(d)in subsection (3)(b), the omission of “or any of its subsidiaries”, and

(e)in subsection (4), the omission of “is”, in the second place where it occurs.

(2)In relation to an administration order the petition for which was presented before 15 September 2003, section 138(2) applies with the substitution for paragraph (a) of—

(a)the making of the order in question, and.

(3)In relation to shares issued before 21 March 2000, section 138 applies with the omission of subsections (1) and (2).

(4)In the application of sub-paragraph (3) on or after 21 March 2000, shares—

(a)that were issued on or after 6 April 1998 but before 21 March 2000, and

(b)to which EIS relief or relief under Schedule 5B to TCGA 1992 was attributable immediately before 21 March 2000,

are treated as having been issued on or after 21 March 2000.

(5)Section 138 does not apply in relation to shares issued before 6 April 1998.

(6)Sub-paragraphs (1) to (5) apply in relation to section 576C of ICTA (which makes corresponding provision for the purposes of corporation tax) as they apply in relation to section 138.

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