SolvedSchedule 12 | Close Companies
From legislation.gov.uk
Part IAdministrative Provisions
Interpretation
(1)RepealedF1
Provision of information by company
(2)RepealedF2
Provision of information by shareholders
Information about bearer securities
(4)RepealedF3
Part IIAmendments Connected with Repeal of Chapter III of Part XI of Taxes Act1988
The Taxes Management Act 1970 (c.9)
(5)RepealedF5
The Capital Gains Tax Act 1979 (c.14)
(6)RepealedF6
The Income and Corporation Taxes Act 1988 (c.1)
(7)In section 13 of the Taxes Act 1988 (small companies’ rate) in subsection(9) for the words “paragraph 17 of Schedule 19” there shall besubstituted the words “paragraphs 2 to 4 of Schedule 12 to the Finance Act1989”.
(8)RepealedF7
(1)In section 187(3) of the Taxes Act 1988 (cases in which a person has amaterial interest in a company for the purposes of sections 185 to 187 of, andSchedules 9 and 10 to, that Act) for the words from “in a company” to theend of paragraph (b) there shall be substituted—
(a)is the beneficial owner of, or able, directly or through the medium ofother companies, or by any other indirect means to control, more than 25 percent., or in the case of a share option scheme which is not a savings-relatedshare option scheme more than 10 per cent., of the ordinary share capital ofthe company, or
(b)where the company is a close company, possesses, or is entitled toacquire, such rights as would, in the event of the winding-up of the companyor in any other circumstances, give an entitlement to receive more than 25 percent., or in the case of a share option scheme which is not a savings-relatedshare option scheme more than 10 per cent., of the assets which would then beavailable for distribution among the participators.
and at the end there shall be added the words “ and “participator” has the meaning given by section 417(1) ”.
(2)This paragraph shall have effect in relation to accounting periods beginning after 31st March 1989.
(1)In section 214 of the Taxes Act 1988 (chargeable payments connected with exempt distributions) in subsection (1)(c) for the words from “338(2)(a)”to “Schedule 19” there shall be substituted the words “and338(2)(a)”.
(2)This paragraph shall have effect in relation to accounting periods beginning after 31st March 1989, except in any case where section 427(4) ofthe Taxes Act 1988 has effect by virtue of section 103(2) of this Act.
(11)RepealedF8
(12)RepealedF8
(1)RepealedF9
(2)RepealedF9
(3)RepealedF9
(4)This paragraph shall have effect in relation to accounting periods beginning after 31st March 1989.
(1)In section 576 of the Taxes Act 1988 (which relates to relief for losses on certain unquoted shares) in subsection (5), for paragraph (a) of the definition of “trading company” there shall be substituted—
(a)a company whose business consists wholly or mainly of the carrying on ofa trade or trades
.
(2)This paragraph shall have effect in relation to disposals made after 31stMarch 1989.
(15)RepealedF10
(16)RepealedF11
(17)RepealedF12
(1)Paragraph 7 of Schedule 8 to the Taxes Act 1988 (cases in which a person has a material interest in a company for the purposes of a profit-related pay scheme) shall be amended in accordance with this paragraph.
(2)In sub-paragraph (2) for the words from “in a company” onwards there shall be substituted—
(a)is the beneficial owner of, or able, directly or through the medium of other companies, or by any other indirect means to control, more than 25 percent. of the ordinary share capital of the company, or
(b)in the case of a close company, possesses, or is entitled to acquire, such rights as would, in the event of the winding-up of the company or in any other circumstances, give an entitlement to receive more than 25 per cent. of the assets which would then be available for distribution among the participators
.
(3)In sub-paragraph (3) the second “and” shall be omitted and after the definition of “control” there shall be inserted.
(4)This paragraph shall have effect in relation to accounting periods beginning after 31st March 1989.