SCHEDULES

SCHEDULE 2Transitionals and savings

Part 6Losses on disposal of shares

Ceasing to meet trading requirement because of administration or receivership

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1

In relation to shares issued before 17 March 2004, section 138 applies with the following modifications—

a

in subsection (1), the omission of “merely” and the substitution for “the company or any of its subsidiaries” of “its”,

b

in subsection (2)(b), the omission of “concerned”,

c

in subsection (3)(a), the omission of “or any of its subsidiaries”,

d

in subsection (3)(b), the omission of “or any of its subsidiaries”, and

e

in subsection (4), the omission of “is”, in the second place where it occurs.

2

In relation to an administration order the petition for which was presented before 15 September 2003, section 138(2) applies with the substitution for paragraph (a) of—

a

the making of the order in question, and

3

In relation to shares issued before 21 March 2000, section 138 applies with the omission of subsections (1) and (2).

4

In the application of sub-paragraph (3) on or after 21 March 2000, shares—

a

that were issued on or after 6 April 1998 but before 21 March 2000, and

b

to which EIS relief or relief under Schedule 5B to TCGA 1992 was attributable immediately before 21 March 2000,

are treated as having been issued on or after 21 March 2000.

5

Section 138 does not apply in relation to shares issued before 6 April 1998.

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