Search Legislation

Income Tax Act 2007

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Cross Heading: The unquoted status requirement

 Help about opening options

Version Superseded: 01/04/2010

Alternative versions:

Status:

Point in time view as at 01/04/2008.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: The unquoted status requirement. Help about Changes to Legislation

The unquoted status requirementU.K.

46(1)In relation to shares issued before 7 March 2001, section 143 applies with the following modifications—U.K.

(a)the substitution for subsection (1) of—

(1)The unquoted status requirement is that the company must be an unquoted company throughout the relevant period.,

(b)the substitution for subsection (2) of—

(2)If the company is an unquoted company at the time when any shares are issued, it is not treated for the purposes of this section as ceasing to be an unquoted company in relation to those shares at any subsequent time merely because any shares, stocks, debentures or other securities of the company are at that time—

(a)listed on an exchange designated by an order made for the purposes of section 184(3)(b), or

(b)dealt in by any means designated by an order made for the purposes of section 184(3)(c),

if the order was made after the shares were issued., and

(c)in subsection (3) the substitution for the definition of “arrangements” of—

the relevant period” means the period—

(a)beginning with the incorporation of the company or, if later, the date one year before the issue of the shares in question, and

(b)ending with the date of the disposal.

(2)For the purposes of sub-paragraph (1)(a) and (c), shares that were issued—

(a)F1...after 5 April 1998, but

(b)before 7 March 2001,

are treated as having been issued on or after 7 March 2001 in respect of any part of the relevant period which falls on or after that date.

(3)In the application of sub-paragraph (1)(b) on or after 7 March 2001, shares—

(a)that were issued F2... after 5 April 1998 but before 7 March 2001, and

(b)to which EIS relief or relief under Schedule 5B to TCGA 1992 was attributable immediately before 7 March 2001,

are treated as having been issued on or after 7 March 2001.

(4)Section 143 does not apply in relation to shares issued before 6 April 1998.

(5)Sub-paragraphs (1) to (4) apply in relation to section 576H of ICTA (which makes corresponding provision for the purposes of corporation tax) as they apply in relation to section 143.

(6)For the purposes of sub-paragraph (5), sub-paragraph (1) applies with the insertion after “section 184(3)(b)” and “section 184(3)(c)” of “of ITA 2007”.

Textual Amendments

F1Words in Sch. 2 para. 46(2)(a) omitted (with effect in accordance with art. 1(2) of the amending S.I.) by virtue of Income Tax Act 2007 (Amendment) Order 2007 (S.I. 2007/940), arts. 1(1), 2(3)

F2Words in Sch. 2 para. 46(3)(a) omitted (with effect in accordance with art. 1(2) of the amending S.I.) by virtue of Income Tax Act 2007 (Amendment) Order 2007 (S.I. 2007/940), arts. 1(1), 2(3)

Back to top

Options/Help

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?