- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
(1)Regulations may make provision authorised by section 322 for cases where—
(a)there is a merger of two or more companies each of which is a VCT immediately before the merger begins to be effected, and
(b)the merger is for genuine commercial reasons and is not part of a scheme or arrangement the main purpose or one of the main purposes of which is the avoidance of tax.
(2)Provision made by regulations under subsection (1) applies—
(a)in cases, and
(b)subject to conditions (including conditions requiring approvals to be obtained),
specified by the regulations.
(1)The provision that may be made under section 321(1) for a case where there is a merger of two or more companies (“the merging companies”) is as follows.
(2)Provision for the successor company, or any of the merging companies, to be treated (whether at times before, during or after the merger) as a VCT for purposes of tax enactments specified by regulations.
(3)Provision for section 266 (loss of relief on disposal of VCT shares within 5 years of their issue) not to apply in the case of disposals of shares in a merging company made in the course of effecting the merger.
(4)Provision for such disposals not to be chargeable events for the purposes of Schedule 5C to TCGA 1992 (VCTs: deferred charge on re-investment).
(5)Provision for conditions mentioned in section 274(2) (conditions for approval as a VCT) to be treated (whether at times before, during or after the merger) for purposes of section 274(1) as met, or as conditions that will be met, with respect to the successor company or any of the merging companies.
(6)Provision for shares in or securities of a company that are acquired (whether at times before, during or after the merger) by the successor company from a merging company to be treated, at times after the acquisition when they are held by the successor company, as meeting requirements of Chapter 4 (provisions for determining whether shares or securities held by a VCT form part of its qualifying holdings).
(7)Provision for tax enactments specified by regulations to apply, with or without adaptations, in relation to the merger or transactions taking place (whether before, during or after the merger) in connection with the merger.
(8)Provision authorising disclosure for tax purposes connected with the merger—
(a)by Her Majesty’s Revenue and Customs,
(b)to any of the merging companies or the successor company,
(c)of any information provided to Her Majesty’s Revenue and Customs by or on behalf of any of the merging companies or the successor company.
(1)For the purposes of this Chapter there is a merger of two or more companies (“the merging companies”) if—
(a)shares in one of the merging companies (“company A”) are issued to members of the other merging company or companies, and
(b)the shares issued to members of the other merging company or, in the case of each of the other merging companies, the shares issued to members of that other company, are issued—
(i)in exchange for their shares in that other company, or
(ii)by way of consideration for a transfer to company A of the whole or part of the business of that other company.
(2)For the purposes of this Chapter there is also a merger of two or more companies (“the merging companies”) if—
(a)shares in a company (“company B”) that is not one of the merging companies are issued to members of the merging companies, and
(b)in the case of each of the merging companies, the shares issued to members of that company are issued—
(i)in exchange for their shares in that company, or
(ii)by way of consideration for a transfer to company B of the whole or part of the business of that company.
(3)In this Chapter “the successor company”—
(a)in relation to a merger such as is described in subsection (1), means the company that performs the role of company A, and
(b)in relation to a merger such as is described in subsection (2), means the company that performs the role of company B.
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