- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)ITA 2007 is amended as follows.
(2)In section 326 (restructuring to which sections 326A and 327 apply)—
(a)in the heading to section 326, for “section 327 applies” substitute “sections 326A, 327 and 327A apply”;
(b)in subsection (1), for “Sections 326A and 327 apply” substitute “Sections 326A, 327 and 327A apply”.
(3)After section 327 insert—
(1)Subsections (2) and (3) apply where—
(a)this section applies (see section 326(1)),
(b)the acquisition by the new company of all the old shares, which is provided for by the arrangements mentioned in section 326(1), takes place, and
(c)the acquisition falls within section 326(2).
(2)If, after the acquisition, another company makes an investment in the new company, section 280C (the permitted maximum age condition) has effect in relation to that investment as if—
(a)in subsection (4)(a) the reference to a relevant investment having been made in the relevant company before the end of the initial investing period included a reference to a relevant investment having been made in the old company before the acquisition and before the end of the initial investing period, and
(b)in subsection (6)(a) the reference to relevant investments made in the relevant company included a reference to relevant investments made in the old company before the acquisition.
(3)In relation to any relevant holding issued by the new company after the acquisition, section 294A (the permitted company age requirement) has effect as if—
(a)in subsection (3)(a) the reference to a relevant investment having been made in the relevant company before the end of the initial investing period included a reference to a relevant investment having been made in the old company before the acquisition and before the end of the initial investing period, and
(b)in subsection (5)(a) the reference to relevant investments made in the relevant company included a reference to relevant investments made in the old company before the acquisition.
(4)In subsection (3) “relevant holding” has the same meaning as in Chapter 4.”
(4)The amendments made by this section have effect—
(a)for the purposes of section 280C of ITA 2007, in relation to investments made on or after 6 April 2017;
(b)for the purposes of section 294A of ITA 2007, in relation to relevant holdings issued on or after 6 April 2017.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: