Version Superseded: 31/12/2023
Point in time view as at 24/02/2022.
Corporation Tax Act 2010, Cross Heading: Changes in indirect ownership is up to date with all changes known to be in force on or before 21 June 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)This section applies if there is a change in the ownership of a company, other than a change in ownership which is disregarded because of section 724 [F1or 724A] .
(2)The reference in subsection (1) to a change in the ownership of a company includes a change in ownership occurring as a result of the application of this section.
(3)If condition A in section 719 is met, the person mentioned in that condition is treated for the purposes of this Chapter as having acquired at the time of the change in ownership any relevant assets owned by the company.
(4)If condition B in section 719 is met but condition A is not, each of the persons mentioned in condition B is treated for the purposes of this Chapter as having acquired at the time of the change in ownership the appropriate fraction of any relevant assets owned by the company.
(5)In a case not falling within subsection (3) or (4), each of the persons mentioned in condition C in section 719 (other than any person whose holding is disregarded for the purposes of that condition) is treated for the purposes of this Chapter as having acquired at the time of the change in ownership the appropriate fraction of any relevant assets owned by the company.
(6)In this section—
“the appropriate fraction”, in relation to one of two or more persons mentioned in subsection (4) or (5), means—
where—
X is the percentage of the ordinary share capital acquired by that person, and
Y is the percentage of that capital acquired by all those persons taken together, and
“relevant assets”, in relation to a company, means—
any ordinary share capital of another company, and
any property or rights which under section 721 or 722 may be taken into account instead of ordinary share capital of another company.
Textual Amendments
F1Words in s. 723(1) inserted (with effect in accordance with s. 37(6) of the amending Act) by Finance Act 2014 (c. 26), s. 37(3)
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