Finance Act 2008

Abolition of “kink” test

64 (1) Schedule 2 (assets held on 6 April 1965) is amended as follows.

(2) Omit paragraph 1(3).

(3) In paragraph 4—

(a) omit sub-paragraph (6),

(b) in sub-paragraph (8), for “him” substitute “the person”,

(c) in sub-paragraph (9)—

(i) for “either section 58 or” (in both places) substitute “section”,

(ii) omit “the spouse or civil partner of the holder, or”, and

(iii) for “him” substitute “the holder”,

(d) in sub-paragraph (10)(a), for “he” (in both places) substitute “the person”, and

(e) in sub-paragraph (11), omit—

(i) paragraph (a),

(ii) in paragraph (b), “in the case of an election for the purposes of corporation tax,”, and

(iii) in paragraph (c), “in either case,”.

(4) In paragraph 17(3) omit—

(a) paragraph (a),

(b) in paragraph (b), “in the case of an election for the purposes of corporation tax,”, and

(c) in paragraph (c), “in either case,”.

(5) Omit paragraph 22.