- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (21/07/2008)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 08/04/2010
Point in time view as at 21/07/2008.
There are currently no known outstanding effects for the Income Tax Act 2007, Cross Heading: Person liable to counteraction of income tax advantages.
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(1)This section applies to a person in respect of a transaction in securities or two or more such transactions if the person is in a position to obtain or has obtained an income tax advantage—
(a)in circumstances where any of the provisions specified in subsection (2) applies in relation to the person, and
(b)in consequence of—
(i)the transaction, or
(ii)the combined effect of the transactions.
(2)The provisions are—
section 686 (abnormal dividends used for exemptions or reliefs (circumstance A)),
F1...
section 688 (receipt of consideration representing company's assets, future receipts or trading stock (circumstance C)),
section 689 (receipt of consideration in connection with relevant company distribution (circumstance D)), and
section 690 (receipt of assets of relevant company (circumstance E)).
(3)For the purposes of this Chapter an income tax advantage is treated as obtained or obtainable by a person in consequence of—
(a)a transaction in securities, or
(b)the combined effect of two or more such transactions,
if it is obtained or obtainable by the person in consequence of the combined effect of the transaction or transactions and the liquidation of a company.
(4)This section is subject to—
section 685 (exception where no tax avoidance object shown),
section 696(3) (disapplication of this section where person receiving preliminary notification that this section may apply makes a statutory declaration and the relevant officer of Revenue and Customs sees no reason to take further action), and
section 697(5) (determination by tribunal that there is no prima facie case that this section applies).
Textual Amendments
F1S. 684(2) entry omitted (21.7.2008 with effect in accordance with s. 66(5) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 66(2)(a)
(1)Section 684 does not apply to a person in respect of a transaction in securities or two or more such transactions if the person shows that the transaction or transactions meet conditions A and B.
(2)Condition A is that the transaction or transactions are effected—
(a)for genuine commercial reasons, or
(b)in the ordinary course of making or managing investments.
(3)Condition B is that enabling income tax advantages to be obtained is not the main object or one of the main objects of the transaction or, as the case may be, any of the transactions.
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