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4. (1) The Income Tax Act 2007 is amended as follows.
(2) In section 620(1) (transactions which are transfers: general) for paragraph (c) substitute—
“(c)to the redemption of variable rate securities in any case where there has been a transfer of the securities at any time before redemption, or”.
(3) In paragraph 75(2) of Schedule 2 (transitionals and savings), in the substituted section 294(4), for “qualifying 90% company” substitute “qualifying 90% subsidiary of the relevant company”.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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