SCHEDULE 13 Change in Ownership of Shell Company: Restriction of Relief
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 13 Change in Ownership of Shell Company: Restriction of Relief

Section 33

Amendments of Part 14 of CTA 2010

1

(1)     Part 14 of CTA 2010 (change in company ownership) is amended as follows.

(2)     In section 672 (overview of Part)—

(a)     after subsection (3) insert—

“(3A)     Chapter 5A restricts relief for certain non-trading deficits and losses where there is a change of ownership of a shell company.â€;

(b)     in subsection (7), omit the “and†at the end of paragraph (b) and after that paragraph insert—

“(ba)     shell companyâ€, see section 705A, andâ€.

(3)     After Chapter 5 insert—

“Chapter 5A
Shell Companies: Restrictions on Relief
Introduction
705A Introduction to Chapter

(1)     This Chapter applies where there is a change in the ownership of a shell company.

(2)     In this Chapter—

“the change in ownership†means the change in ownership mentioned in subsection (1);

“the company†means the company mentioned in subsection (1);

“shell company†means a company that—

(a)     is not carrying on a trade,

(b)     is not a company with investment business, and

(c)     is not carrying on a UK property business.

705B Notional split of accounting period in which change in ownership
Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Community order requirements

Community order requirementsThis Practice Note reflects the procedural code for sentencing offenders in England and Wales (Sentencing Code) that applies from 1 December 2020, as set out in Parts 2–13 of the Sentencing Act 2020 (SA 2020). For those considering whether the Sentencing Code applies to

LEXISNEXIS

How are the post-employment notice pay (PENP) provisions applied in circumstances where the employee is

How are the post-employment notice pay (PENP) provisions applied in circumstances where the employee is (a) on long-term sickness absence and has exhausted his entitlement to sick pay, or (b) has been dismissed summarily without notice?The amendments to sections 402 to 404 of the Income Tax

LEXISNEXIS

CPR Part 8 claims (alternative procedure for claims)

CPR Part 8 claims (alternative procedure for claims)This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further

LEXISNEXIS

Possession of a bladed article

Possession of a bladed articleThe offence of possession of a bladed articleThe offence of having a bladed article in a public place can be tried in either the magistrates' court or the Crown Court. The magistrates' court will decline jurisdiction in those cases where it appears that its powers of