47(1)This paragraph applies in relation to shares issued on or after 6 April 2000 but before 6 April 2007.U.K.
(2)Section 79 has effect in relation to a relevant time or a relevant period as if the following modifications were made to section 195 of ITA 2007 (as applied for the purposes of the definition of “excluded activities” by section 79(7) of this Act)—
(a)in subsection (4), the substitution for paragraphs (a) and (b) of—
“(a)by the company carrying on the trade, or
(b)by a company which at all times during which it created the intangible asset was—
(i)the holding company of the company carrying on the trade, or
(ii)a qualifying subsidiary of that holding company.”,
(b)in subsection (6), the insertion of the following definition—
““holding company” means a company that—
has one or more 51% subsidiaries, but
is not itself a 51% subsidiary of another company,”, and
(c)the omission of subsection (7).
(3)In a case where section 79 has effect as if the modifications in sub-paragraph (2) were made to section 195 of ITA 2007—
(a)section 79 of this Act applies with the omission of subsection (9), and
(b)section 88 applies with the omission of subsection (3).
(4)For the purposes of sub-paragraph (2)—
(a)a “relevant time” is any time relevant for the purposes of condition A in section 78(2) falling before 6 April 2007, and
(b)a “relevant period” is any period relevant for the purposes of condition B in section 78(3) ending before 6 April 2007 (but see also sub-paragraph (5)).
(5)In the case of a period relevant for the purposes of condition B in section 78(3) that ends on or after 6 April 2007 but begins before that date, the part of the period falling before that date is a “relevant period” for the purposes of sub-paragraph (2).