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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