Part 14 Change in company ownership

Chapter 3 Company with investment business: restrictions on relief: general provision

Meaning of “significant increase in the amount of a company's capital”

690 Amount B
(1) In section 688, amount B is the highest 60 day minimum amount for the post-change period.
(2) The highest 60 day minimum amount for the post-change period is found as follows.
Step 1 Find the daily amounts of the company's capital over the post-change period.
Step 2 Take the highest of the daily amounts.
Step 3 Find out whether there was in the post-change period a period of at least 60 days in which there was no daily amount lower than the amount taken.
Step 4 If there was, the amount taken is the highest 60 day minimum amount for the post-change period. If there was not, take the next highest of the daily amounts and repeat step 3; and so on, until the highest 60 day minimum amount for the post-change period is found.
(3) In this section “the post-change period” means the period of 5 years beginning with the change in ownership.
Word in s. 690(3) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 83(1) (with Sch. 4 para. 83(2))