SCHEDULES
F2SCHEDULE 7ACExemptions for disposals by companies with substantial shareholding
Annotations:
Amendments (Textual)
Part 5Consequential provisions
Reorganisations etc: deemed accrual of chargeable gain or allowable loss held over on earlier transaction
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1
The exemptions conferred by this Schedule do not apply to or affect a chargeable gain or allowable loss deemed to accrue on a disposal by virtue of section 116(10)(b) (reorganisations, conversions and reconstructions: deemed accrual of gain or loss held over on earlier transaction).
F12
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F32
Sub-paragraph (1) does not apply where the relevant earlier transaction is a disposal and reacquisition deemed to have occurred (in a period of account beginning before 1 January 2005) under section 92(7) of the Finance Act 1996 (convertible securities etc: creditor relationships).
Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1