Finance (No. 2) Act 2017
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Change 1
27 Substantial shareholding exemption
(1) Schedule 7AC to TCGA 1992 (exemptions for disposals by companies with substantial shareholding) is amended as follows. (2) Omit the following (which relate to requirements to be met by investing company)— (a) in paragraph 1(2), “the investing company and”; (b) in paragraph 3— (i) in sub-paragraph (2)(b), “(but see sub-paragraph (3) below)”; (ii) sub-paragraph (3); (iii) in sub-paragraph (4), “of paragraph 18(1)(b) and”; (c) in the heading to Part 3, “investing company and”; (d) paragraph 18 and the preceding italic heading; (e) in paragraph 23(3), “a member of a trading group or”. (3) In paragraph 7 (substantial shareholding requirement), for “two” substitute “ six ”. (4) In paragraph 10 (effect of earlier no-gain/no-loss transfer), in sub-paragraph (2)(b), after “but for” insert “ subsection (1A) or ”. (5) In paragraph 19 (requirements relating to company invested in)— (a) in sub-paragraph (1)(b), at the beginning insert “ in a case where sub-paragraph 1A) applies, ”; (b) after sub-paragraph (1) insert— (1A) This sub-paragraph applies where— (a) the disposal is a disposal to a person connected with the investing company, or (b) the requirement in paragraph 7 is met by virtue of paragraph 15A. ; (c) at the end insert— (4) Section 1122 of CTA 2010 (meaning of “connected” persons) applies for the purposes of sub-paragraph (1A)(a). (6) The amendments made by this section have effect in relation to disposals made on or after 1 April 2017.
27 Substantial shareholding exemption
(1) Schedule 7AC to TCGA 1992 (exemptions for disposals by companies with substantial shareholding) is amended as follows. (2) Omit the following (which relate to requirements to be met by investing company)— (a) in paragraph 1(2), “the investing company and”; (b) in paragraph 3— (i) in sub-paragraph (2)(b), “(but see sub-paragraph (3) below)”; (ii) sub-paragraph (3); (iii) in sub-paragraph (4), “of paragraph 18(1)(b) and”; (c) in the heading to Part 3, “investing company and”; (d) paragraph 18 and the preceding italic heading; (e) in paragraph 23(3), “a member of a trading group or”. (3) In paragraph 7 (substantial shareholding requirement), for “two” substitute “ six ”. (4) In paragraph 10 (effect of earlier no-gain/no-loss transfer), in sub-paragraph (2)(b), after “but for” insert “ subsection (1A) or ”. (5) In paragraph 19 (requirements relating to company invested in)— (a) in sub-paragraph (1)(b), at the beginning insert “ in a case where sub-paragraph 1A) applies, ”; (b) after sub-paragraph (1) insert— (1A) This sub-paragraph applies where— (a) the disposal is a disposal to a person connected with the investing company, or (b) the requirement in paragraph 7 is met by virtue of paragraph 15A. ; (c) at the end insert— (4) Section 1122 of CTA 2010 (meaning of “connected” persons) applies for the purposes of sub-paragraph (1A)(a). (6) The amendments made by this section have effect in relation to disposals made on or after 1 April 2017.
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