- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
3(1)Paragraph 18 of that Schedule (discounted securities of close companies) is amended as follows.
(2)In sub-paragraph (1), omit paragraphs (aa) and (c).
(3)In sub-paragraph (1)(b)—
(a)in sub-paragraph (i), at the end insert “or a person who controls a company which is such a participator”;
(b)in sub-paragraph (ii), after “an associate of” insert “a person who is, or who controls a company which is,”;
(c)for sub-paragraph (iii) substitute—
“(iii)a company controlled by such a participator or by a person who controls a company which is such a participator.”.
(4)After sub-paragraph (1) insert—
“(1ZA)But for any such accounting period this paragraph shall not apply in relation to that debtor relationship if any of the following exceptions applies.”.
(5)In sub-paragraph (1A), for the words before paragraph (a) substitute “The first exception applies where—”.
(6)After that sub-paragraph insert—
“(1B)The second exception applies where—
(a)the issuing company is a CIS-based close company;
(b)at all times in the period when there is such a person as is described in sub-paragraph (1)(b) above, that person is not resident in a non-qualifying territory; and
(c)the issuing company is a small or medium-sized enterprise for the period.
(1C)The third exception applies where—
(a)the debt is one that is owed to, or to persons acting for, a CIS limited partnership;
(b)no member of that partnership is resident in a non-qualifying territory at any time in the period when there is such a person as is described in sub-paragraph (1)(b) above;
(c)the debtor company has received written notice from the partnership containing information from which it appears that the condition in paragraph (b) above is satisfied; and
(d)the issuing company is a small or medium-sized enterprise for the period.”.
(7)In sub-paragraph (4), at the appropriate places insert—
““CIS-based close company” and “CIS limited partnership” have the meaning given by paragraph 2(6) above;”;
““non-qualifying territory” has the meaning given by paragraph 5E of Schedule 28AA to the Taxes Act 1988;”;
““resident” has the meaning given by paragraph 5B(6) of Schedule 28AA to that Act;”;
““small or medium-sized enterprise” has the meaning given by paragraph 5D of that Schedule.”.
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