Link Report

174. The National Asset Management Agency or a company to which section 616(1)(g) relates.

(a) the principal company of a group of companies (in this paragraph referred to as “the first group”) has at any time become a member of another group (in this paragraph referred to as “the second group”) so that the two groups are treated as the same by virtue of subsection (3)or (3A)of section 616, and

(IV) the National Asset Management Agency, or a company referred to in section 616(1)(g), and

(i) the National Asset Management Agency or a company referred to in section 616(1)(g),

(ii) the State acting through the National Asset Management Agency or through a company referred to in section 616(1)(g), or

(iii) the National Treasury Management Agency by the National Asset Management Agency or by a company referred to in section 616(1)(g),

(ii) a company referred to in section 616(1)(g), or

(iii) the State acting through the National Asset Management Agency, or through a company referred to in section 616(1)(g),

(c) Notwithstanding sections 411 and 616, the producer and the qualifying company shall be deemed not to be members of the same group of companies for the purposes of—

(ii) except for the purposes of section 626, section 616.

(II) be under the control of another company (or of another company and any person connected with that other company), unless such control is exercised by the National Asset Management Agency, or by a company referred to in section 616(1)(g),

“group” and “member of a group” have the same meanings, respectively, as in section 616.

(ii) the company issuing the debentures, loan stock or other similar securities and the person to whom they are issued are members of the same group (within the meaning of section 616) throughout the period commencing one year before and ending one year after the day the debentures, loan stock or other similar securities are issued, or

(ii) that person and the company are members of the same group (within the meaning of section 616) throughout the period commencing one year before and ending one year after the day the debentures, loan stock or other similar securities were issued, or

“group” shall be construed in accordance with subsections (1) (excluding paragraph (a)), (3) and (4) of section 616;

(ii) a company to which section 616(1)(g) relates from that Agency or a company to which that paragraph relates.

(1) In this section “the new definition” means section 616 as amended by section 56 of the Finance Act, 1999, and “the old definition” means that section as it had effect on the 10th day of February, 1999.

(a) on the 11th day of February, 1999, a company ceases, for the purposes of section 616 and the provisions of this Part subsequent to that section, to be a member of a group by reason only of the substitution for the old definition of the new definition, and

(5) Notwithstanding section 616(1)(a), references in this section to a company shall include references to a company resident outside the State a company which is not resident in a Member State of the European Communities relevant Member State .

“the new definition” means section 616 as amended by section 56 of the Finance Act, 1999, and “the old definition” means that section as it had effect on the 10th day of February, 1999.

(a)on the 11th day of February, 1999, the subsidiary company ceases, for the purposes of section 616 and the provisions of this Part subsequent to that section, to be a member of a group by reason only of the substitution for the old definition of the new definition, and

(v) section 616 shall not apply.

"group" has the meaning which would be given by section 616 if in that section references to residence in a relevant Member State were omitted and for references to "75 per cent subsidiaries" there were substituted references to "51 per cent subsidiaries", and references to a company being a member of a group shall be construed accordingly;

(b) disposed of by a company referred to in section 616(1)(g) section 616(1)(g), or ;

(3) (a) Where a company which is or has been a member of a group of companies (within the meaning of section 616) makes a relevant disposal of an asset which, as a result of a disposal which was not a relevant disposal, the company had acquired from another member of that group at a time when both were members of the group, the amount of the chargeable gain accruing on the relevant disposal and the capital gains tax on that gain shall be computed as if all members of the group for the time being were the same person and as if the acquisition or provision of the asset by the group, so taken as a single person, had been the acquisition or provision of the asset by the member disposing of the asset.

(b) the disposal is a disposal by a company referred to in section 616(1)(g), section 616(1)(g), or

(ii) “group” has the meaning that would be given by section 616 if in that section references to residence in a relevant Member State were omitted and for references to “75 per cent subsidiaries” there were substituted references to “51 per cent subsidiaries”, and references to a company being a member of a group shall be construed accordingly;

(12) The enforcement of a debt security by the National Asset Management Agency or by a company to which section 616(1)(g) relates does not constitute consideration for the purposes of this section.

(13) Subsection (9) does not apply to the National Asset Management Agency or to a company to which section 616(1)(g) relates.

(14) This section does not apply to a disposal by a company that would be a company to which section 616(1)(g) relates if the reference in that section to a 75 per cent subsidiary were a reference to a 51 per cent subsidiary.

(15) For the purposes of this section, the enforcement of a debt security by the National Asset Management Agency or by a company to which section 616(1)(g) relates shall not be treated as a disposal of an asset.