Link Report

“certificate” has the same meaning as it has for the purposes of Regulation 8(8)(c)(ii) of the European Communities (Milk Quota) Regulations 2000 (S.I. No. 94 of 2000) as amended or extended from time to time;

“milk production partnership” has the meaning assigned to it by the European Communities (Milk Quota) Regulations 2000 (S.I. No. 94 of 2000) as amended or extended from time to time;

“75 per cent subsidiary” has the meaning assigned to it by section 9.

(7A) (a) In this subsection “relevant payment” means a payment made by a company on the redemption, repayment or purchase of its own shares which, by virtue of section 176, is not treated as a distribution for the purposes of Chapter 2 of Part 6.

(7A) (a) In this subsection “relevant payment” means a payment made by a company on the redemption, repayment or purchase of its own shares which, by virtue of section 176, is not treated as a distribution for the purposes of Chapter 2 of Part 6.

(7A) (a) In this subsection “relevant payment” means a payment made by a company on the redemption, repayment or purchase of its own shares which, by virtue of section 176, is not treated as a distribution for the purposes of Chapter 2 of Part 6.

(7) Subsection (2) shall apply where under section 583 an individual is treated as disposing of interests in shares or securities of his or her family company in consideration of a capital distribution from the company (not being a distribution consisting of chargeable business assets) in the course of dissolving or winding up the company as it applies where he or she disposes of shares or securities of the company.

(I) a company that was treated as being the same company as the relevant company for the purposes of section 586,

(II) a company involved in the same scheme of reconstruction or amalgamation under section 587 with the relevant company,

(ii) where the chargeable business assets are new assets within the meaning of section 597, the period of ownership of the old assets as if it were a period of ownership of the new assets,

(1)(a) In this section and in section 599—

(A) to a child (within the meaning of section 599) of the individual,

(b) For the purposes of the definition of “family company”, where a company which is a holding company would not but for this paragraph be an individual’s family company, but would be such a company if the individual had not at any time on or after the 6th day of April, 1987, and before the 6th day of April, 1990, disposed of shares in the company to a child (within the meaning of section 599) of the individual, the company shall be deemed to be the individual’s family company.

(iii) where the qualifying assets are shares or securities in a family company to which section 600 applies, the period immediately before the transfer to the company of chargeable business assets during which those assets were owned by the individual as if it were a period of ownership of the individual of the qualifying assets or a period throughout which he or she was a full-time working director, as may be appropriate, and

(7C) Subject to section 600 and subsection (7D), this section shall not apply to such portion of the chargeable gain or gains accruing in respect of a disposal or disposals by an individual of qualifying assets which form part of a transfer to which section 600 applies as bears the same proportion to the total of such gains as the value of the consideration received by the individual out of the assets of the company in respect of the transfer bears to the value of the consideration received by the individual other than by way of shares or securities in respect of such transfer.

(7C) Subject to section 600 and subsection (7D), this section shall not apply to such portion of the chargeable gain or gains accruing in respect of a disposal or disposals by an individual of qualifying assets which form part of a transfer to which section 600 applies as bears the same proportion to the total of such gains as the value of the consideration received by the individual out of the assets of the company in respect of the transfer bears to the value of the consideration received by the individual other than by way of shares or securities in respect of such transfer.

(II) the disposal is a disposal referred to in section 652(5)(a); section 652(5)(a), and

“farm partnership” means a milk production partnership or a registered farm partnership (within the meaning of section 667C);

(c) For the purposes of this subsection, a disposal of qualifying assets other than a disposal of the whole of such assets, by a husband to a wife or by a wife to a husband shall, notwithstanding section 1028(5), a disposal of qualifying assets other than a disposal of the whole of such assets, by a husband to a wife or by a wife to a husband, or by an individual to his or her civil partner, shall, notwithstanding section 1028(5) or section 1031M(5), as the case may be, be taken into account at the market value of the assets.

(c) For the purposes of this subsection, a disposal of qualifying assets other than a disposal of the whole of such assets, by a husband to a wife or by a wife to a husband shall, notwithstanding section 1028(5), a disposal of qualifying assets other than a disposal of the whole of such assets, by a husband to a wife or by a wife to a husband, or by an individual to his or her civil partner, shall, notwithstanding section 1028(5) or section 1031M(5), as the case may be, be taken into account at the market value of the assets.