- acquisition relief
means relief under section 75 of the Finance Act 1986 (c. 41);
- an appropriate proportion
means an appropriate proportion having regard to what was transferred to the transferee company by the relevant instrument and what is held by that company or, as the case may be, that company and any relevant associated companies, at the time it or they cease to be members of the same group as the transferor company.
- appropriate proportion
means a proportion determined on a just and reasonable basis having regard to the subject matter of the disposal mentioned in sub-paragraph (1)(a) and the subject matter of the earlier disposal that was the subject of the claim for relief under section 165. 4 In this paragraph “held-over gain” has the same meaning as in section 165. 38 1 Where— a a company, as a result of ceasing at any time (“the time of degrouping”) to be a member of a group, is treated by section 179(3) as having sold and immediately reacquired an asset, and b if the company owning the asset at the time of degrouping had disposed of it immediately before that time, any gain accruing on the disposa
- arrangements
includes any scheme, agreement or understanding, whether or not legally enforceable;
- averaging period
has the same meaning as in paragraph 20B;
- bet
means a bet other than one made by way of pool betting. 4 A person who gets or tries to get any advertisement or other document given or sent to him shall not be guilty of an offence by reason of his thereby procuring or inciting some other person to commit, or aiding or abetting the commission of, an offence under this section.”
- bet-broking services
means— a facilities provided by a person that may be used by other persons in making bets with third persons, or b a person’s services of acting as agent for other persons in making bets on their behalf with third parties (whether the persons on whose behalf the bets are made are disclosed principals or undisclosed principals). 3 In subsection (2) “bet” means a bet other than one made by way of pool betting. 4 A person who gets or tries to get any advertisement or other document given or sent to him shall not be guilty of an offence by reason of his thereby procuring or inciting some other person to commit, or aiding or abetting the commission of, an offence under this
- bi-fuel car
means a car which is capable of being propelled by— (a) petrol and road fuel gas, or (b) diesel and road fuel gas;
- bioblend
means any mixture that is produced by mixing— a biodiesel, and b heavy oil not charged with the excise duty on hydrocarbon oil. 3 The rate at which the duty shall be charged on any bioblend shall be a composite rate representing— a in respect of the proportion of the bioblend that is hydrocarbon oil, the rate that would be applicable to the bioblend if it consisted entirely of heavy oil of the description that went into producing the bioblend, and b in respect of the proportion of the bioblend that is biodiesel, the rate that would be applicable to the bioblend if it consisted entirely of biodiesel. 4 The references in subsection (3) above to the proportions of— a hydrocarbon oil, and b biodiesel, are to the proportions by volume to the nearest 0.001%. 5 If the Commissioners are not satisfied as to the proportion of biodiesel in any bioblend, the rate of duty chargeable shall be the rate that would be applicable to the bioblend if it consisted entirely of heavy oil of the description that went into producing the bioblend. 6 Where imported bioblend is removed to a refinery, the duty chargeable under subsection (1) above shall, instead of being charged at the time of the i
- biodiesel
means diesel quality liquid fuel— a that is produced from biomass or waste cooking oil, b the ester content of which is not less than 96.5% by weight, and c the sulphur content of which does not exceed 0.005% by weight or is nil. 2 In subsection (1)— a “diesel quality” means capable of being used for the same purposes as heavy oil;
- biomass
means vegetable and animal substances constituting the biodegradable fraction of— i products, wastes and residues from agriculture, forestry and related activities, or ii industrial and municipal waste.”
- Brewery
means premises (whether or not in the United Kingdom) on which beer is produced and that are situated physically apart from any other premises on which beer is produced. 5 “The standard beer duty rate” means the rate of duty specified by section 36(1AA)(a) above. 6 References to “the grossed-up amount” of an estimate of the amount of a brewery’s production in a calendar year are to the amount given by— where— E is the amount of the estimate, and N is the number of days (if any) in the calendar year before the brewery begins to be used as beer-production premises. 7 References to a brewery being used as beer-production premises are, in the case of a brewery in the United Kingdom, to there being at least one person who is required to be registered under section 47 below in respect of the brewery. 8 Any question whether a person is connected with another shall be determined in accordance with section 839 of the Income and Corporation Taxes Act 1988. 36C 1 This section applies to beer produced in a brewery at a time in a calendar year (“the current year”) when the brewery is a singleton brewery. 2 The beer is “small brewery beer” if the following conditions are satisfied;
- business
includes any activity of a Government department, local authority or charity.”
- capital distribution
has the same meaning as in section 122. 5 The fourth condition is that— a the scheme is carried out in pursuance of a compromise or arrangement— i under section 425 of the Companies Act 1985 or Article 418 of the Companies (Northern Ireland) Order 1986, or ii under any corresponding provision of the law of a country or territory outside the United Kingdom, and b no part of the business of the original company, or of any of the original companies, is transferred under the scheme to any other person. 6 Where a reorganisation of the share capital of the original company, or of any of the original companies, is carried out for the purposes of the scheme of reconstruction,
- car
has the meaning given by section 81 (extended meaning of “car");
- cash call
means a request for funds which, in pursuance of a contract made in accordance with the rules and practices of Lloyd’s, is made to a corporate member by the agent of a syndicate of which it is a member;
- chargeable use
means use— a as fuel for any engine, motor or other machinery, or b as an additive or extender in any substance so used. 3 The rate of duty under this section shall be £0.2582 a litre. 6AB 1 A duty of excise shall be charged on bioblend— a imported into the United Kingdom, or b produced in the United Kingdom and delivered for home use from a refinery or from other premises used for the production of hydrocarbon oil or from any bonded storage for hydrocarbon oil, not being bioblend chargeable with duty under paragraph (a) above.
- CO
means mass of carbon monoxide;
- community society
means— a a society established and conducted for charitable purposes only, or b a society established and conducted wholly or mainly for the support of athletic sports or athletic games and not established or conducted for purposes of private gain. 6 In this section “society” includes any club, institution, organisation or association of persons, by whatever name called. 8B 1 For the purposes of sections 6 to 8— a each period that ends with the last Saturday in a calendar month, and begins with the Sunday immediately following the previous such Saturday, is an accounting period, but b the Commissioners may by regulations make provision for some other specified period to be an accounting period. 2 Regulations made under subsection (1)(b) may— a make provision that applies generally or only in relation to a specified person or class of person;
- company
includes a partnership of which any member is a company;
- contract for differences
has the same meaning as in paragraph 12 of Schedule 26 to the Finance Act 2002;
- controlled foreign company
has the same meaning as in Chapter 4 of Part 17 of the Taxes Act 1988;
- deemed disposal and reacquisition
means a disposal and immediate reacquisition treated as taking place under any enactment relating to corporation tax;
- derivative contract
means— (a) a contract which is a derivative contract within the meaning of that Schedule, or (b) a contract which is, in the accounting period in question, treated as if it were a derivative contract by virtue of paragraph 36 of that Schedule (contracts relating to holdings in unit trust schemes, open-ended investment companies and offshore funds);
- derived
has the same meaning as in paragraph 10. 12 1 This paragraph applies where— a a company that holds shares in another company transfers the shares under a repurchase agreement, and b by virtue of section 263A(1) (agreements for sale and repurchase of securities) the disposal is disregarded for the purposes of the enactments relating to chargeable gains. 2 During the period of the repurchase agreement— a the original owner shall be treated for the purposes of this Part as continuing to hold the shares transferred and accordingly as retaining his entitlement to any rights attached to them, and b the interim holder shall be treated for those purposes as not holding the shares transferred and as not becoming entitled to any such rights.
- diesel
means any diesel fuel within the definition in Article 2 of Directive 98/70/EC of the European Parliament and of the Council;
- diesel quality
means capable of being used for the same purposes as heavy oil;
- election
means an election under that section;
- enactment
means any enactment contained in—
- exempt CHP supplies
means supplies made on the basis that they are exempt under this paragraph. 4 For the purposes of this paragraph and paragraph 20B, electricity is “CHP electricity” if— a the electricity was— i produced in a fully exempt combined heat and power station, or ii produced in a partly exempt combined heat and power station and originally supplied from the station without causing the limit referred to in paragraph 16(2) to be exceeded, b the electricity is not renewable source electricity (within the meaning of paragraph 19), and c prescribed conditions are fulfilled. 5 The conditions that may be prescribed under sub-paragraph (1)(c) include, in particular, conditions in connection with— a the giving of effect to CHP declarations;
- gas refuelling station
means any premises, or that part of any premises, where vehicles are refuelled with natural gas or hydrogen fuel;
- group brewery
means a brewery that is in the group;
- group relief
means relief under any of the following provisions—
- HC
means mass of hydrocarbons;
- held-over gain
has the same meaning as in section 165. 38 1 Where— a a company, as a result of ceasing at any time (“the time of degrouping”) to be a member of a group, is treated by section 179(3) as having sold and immediately reacquired an asset, and b if the company owning the asset at the time of degrouping had disposed of it immediately before that time, any gain accruing on the disposal would by virtue of this Schedule not have been a chargeable gain, section 179(3) shall have effect as if it provided for the deemed sale and reacquisition to be treated as taking place immediately before the time of degrouping. 2 Where— a a company, as a result of ceasing at any time (“the relevant t
- hydrogen fuel
means a fuel consisting of gaseous or cryogenic liquid hydrogen which is used for propelling vehicles;
- legislation
means any enactment, EU legislation or subordinate legislation;
- local authority
includes a partnership of which any member is a local authority.”
- major change in the nature or conduct of a trade
has the same meaning as in section 768 of the Taxes Act (change of ownership of company: disallowance of trading losses);
- no-gain/no-loss transfer
means a disposal and corresponding acquisition that by virtue of any enactment relating to chargeable gains are deemed to be for a consideration such that no gain or loss accrues to the person making the disposal;
- ordinary share capital
has the meaning given by section 832(1) of the Taxes Act and also includes— a in relation to a unit trust scheme, any rights that are treated by section 99(1)(b) of this Act (application of Act to unit trust schemes) as shares in a company, and b in relation to a company that has no share capital, any interests in the company possessed by members of the company. 5 This section applies in relation to a company that has no share capital as if references to shares in or debentures of the company included any interests in the company possessed by members of the company. 6 This section has effect subject to section 137(1) (exchange must be for bona fide commercial reasons
- ordinary shares
has the meaning given in section 151A(7). 6 For the purposes of section 105A, shares in a company shall not be treated as being of the same class unless they are so treated by the practice of a recognised stock exchange, or would be so treated if dealt with on that recognised stock exchange. 7 In section 105A(2) to (5) and subsections (2) to (4) above, any reference to the relevant shares or to the approved-scheme shares includes a reference to the securities (if any) directly or indirectly derived from the shares in question by virtue of one or more applications of section 127 (including that section as applied by virtue of any enactment relating to chargeable gains). 8 In this section— • “the approved-scheme shares” has the same meaning as in section 105A;
- petrol
has the meaning given by Article 2 of Directive 98/70/ EC of the European Parliament and of the Council;
- PM
means mass of particulates (for compression ignition engines).”
- prescribed
means prescribed by regulations made by the Secretary of State. 31C 1 A person guilty of an offence under section 31A(1) is liable on summary conviction to— a an excise penalty of— i level 3 on the standard scale, or ii five times the amount of vehicle excise duty chargeable in respect of the vehicle concerned, whichever is the greater;
- profits
means income or gains (including unrealised income or gains). 6 1 The exemptions conferred by this Schedule do not apply— a to a disposal that by virtue of any enactment relating to chargeable gains is deemed to be for a consideration such that no gain or loss accrues to the person making the disposal, b to a disposal a gain on which would, by virtue of any enactment not contained in this Schedule, not be a chargeable gain, or c to a deemed disposal under section 440(1) or (2) of the Taxes Act (deemed disposal on transfer of asset of insurance company from one category to another). 2 The hypothetical disposal referred to in paragraph 2(2)(b) or (3)(b) or paragraph 3(2)(d) shall be assumed not to be a disposal within sub-paragraph (1)(a), (b) or (c) above.
- qualifying company
means a trading company or the holding company of a trading group or a trading subgroup. 3 If the disposal is by virtue of section 28(1) or (2) (asset disposed of under contract) treated as made at a time before the asset is conveyed or transferred, the requirements in sub-paragraph (1)(a) and (b) must also be complied with as they would have effect if the references there to the time of the disposal were to the time of the conveyance or transfer. 20 1 In this Schedule “trading company” means a company carrying on trading activities whose activities do not include to a substantial extent activities other than trading activities. 2 For the purposes of sub-paragraph (1) “trading activities” means activities carried on by the company— a in the course of, or for the purposes of, a trade being carried on by it, b for the purposes of a trade that it is preparing to carry on, c with a view to its acquiring or starting to carry on a trade, or d with a view to its acquiring a significant interest in the share capital of another company that— i is a trading company or the holding company of a trading group or trading subgroup, and ii if the acquiring company is a member
- qualifying group
means— a a trading group, or b a group that would be a trading group if the activities of any group member that is not established for profit were disregarded to the extent that they are carried on otherwise than for profit.
- quota share contract
means any contract between a corporate member and another person which— (a) is made in accordance with the rules or practice of Lloyd’s;
- rebated heavy oil
means heavy oil in respect of which a rebate has been allowed under section 11 of this Act.”
- reduced rate
means a rate lower than the standard rate, and • “the standard rate” means the rate specified by section 36(1AA)(a) above. 3 An order under subsection (1) above may— a make different provision for different cases;
- regulations
means regulations made by the Secretary of State with the consent of the Treasury. 5 No regulations to which subsection (6) applies shall be made under this section unless a draft of the regulations has been laid before, and approved by a resolution of, each House of Parliament. 6 This subsection applies to regulations under this section that— a provide for a supplement to be payable in a case where one would not otherwise be payable, b increase the amount of a supplement, c provide for a supplement to become payable earlier than it would otherwise be payable, or d provide for a supplement to be payable by a person by whom the supplement would not otherwise be payable. 7B 1 The Secretary of State may by regulations make provision for notifying the person in whose name a vehicle is registered under this Act about— a any supplement under section 7A that may or has become payable on non-renewal of a vehicle licence for the vehicle;
- Relevant lawyer
means a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.
- relevant nil licence functions
means functions relating to applications for, and the issue of, nil licences in respect of vehicles that are exempt vehicles under— a paragraph 19 of Schedule 2, or b paragraph 7 of Schedule 4.”
- relevant shares
means shares comprised— a where there is one original company, in the ordinary share capital of that company or, as the case may be, in the ordinary share capital of that company of a class involved in the scheme of reconstruction;
- relevant time
means any time between the execution of the relevant instrument and the transferee company ceasing to be a member of the same group as the transferor company;
- repurchase agreement
means an agreement under which— a a person (“the original owner”) transfers shares to another person (“the interim holder”) under an agreement to sell them, and b the original owner or a person connected with him is required to buy them back either— i in pursuance of an obligation to do so imposed by that agreement or by any related agreement, or ii in consequence of the exercise of an option acquired under that agreement or any related agreement.
- ring fence trade
means a ring fence trade in respect of which tax is chargeable under section 501A of the Taxes Act 1988 (supplementary charge in respect of ring fence trades).”
- road fuel gas
has the same meaning as in section 168AB of ICTA;
- scheme of reconstruction
has the same meaning as in section 136.”
- securities
has the meaning given in section 104(3);
- settlement power
means any power over, or exercisable (whether directly or indirectly) in relation to, settled property or a settlement.”
- shares
includes an interest in shares. 6 For the purposes of this paragraph shares are “derived” from other shares only where— a a company becomes a co-owner of shares previously owned by it alone, or vice versa, b a company’s interest in shares as co-owner changes (without the company ceasing to be a co-owner), c one holding of shares is treated by virtue of section 127 as the same asset as another, or d there is a sequence of two or more of the occurrences mentioned in paragraphs (a) to (c).
- society
includes any club, institution, organisation or association of persons, by whatever name called. 8B 1 For the purposes of sections 6 to 8— a each period that ends with the last Saturday in a calendar month, and begins with the Sunday immediately following the previous such Saturday, is an accounting period, but b the Commissioners may by regulations make provision for some other specified period to be an accounting period. 2 Regulations made under subsection (1)(b) may— a make provision that applies generally or only in relation to a specified person or class of person;
- sole trading company
means a trading company that is not a member of a group. 19 1 The company invested in must— a have been a qualifying company throughout the period— i beginning with the start of the latest twelve-month period by reference to which the requirement of paragraph 7 (the substantial shareholding requirement) is met, and ii ending with the time of the disposal, and b be a qualifying company immediately after the time of the disposal. 2 For this purpose a “qualifying company” means a trading company or the holding company of a trading group or a trading subgroup. 3 If the disposal is by virtue of section 28(1) or (2) (asset disposed of under contract) treated as made at a time before the asset is conveyed or transferred, the requirements in sub-paragraph (1)(a) and (b) must also be complied with as they would have effect if the references there to the time of the disposal were to the time of the conveyance or transfer. 20 1 In this Schedule “trading company” means a company carrying on trading activities whose activities do not include to a substantial extent activities other than trading activities. 2 For the purposes of sub-paragraph (1) “trading activities” means
- specified
means specified by or under regulations under this section;
- Statement of Recommended Practice
means— a in relation to any accounting period for which it is required or permitted to be used, the Statement of Recommended Practice relating to Authorised Unit Trust Schemes issued by the Investment Management Regulatory Organisation Limited in January 1997, as from time to time modified, amended or revised;
- stock lending arrangement
means arrangements between two persons (“the borrower” and “the lender”) under which— a the lender transfers shares to the borrower otherwise than by way of sale, and b a requirement is imposed on the borrower to transfer those shares back to the lender otherwise than by way of sale. 5 Any reference in this paragraph to the period of a stock lending arrangement is to the period beginning with the transfer of the shares by the lender to the borrower and ending— a with the transfer of the shares back to the lender in pursuance of the arrangement, or b when it becomes apparent that the requirement for the borrower to make a transfer back to the lender will not be complied with. 6 The following provisions apply for the purposes of this paragraph as they apply for the purposes of section 263B— a subsections (5) and (6) of that section (references to transfer back of securities to include transfer of other securities of the same description);
- subordinate legislation
has the same meaning as in the Interpretation Act 1978 (c. 30);
- taxation matter
means any matter relating to a tax (or duty) for which the Commissioners are responsible.
- the approved-scheme shares
has the same meaning as in section 105A;
- the enactments relating to stamp duty
means the Stamp Act 1891 (c.39) and any enactment amending that Act or that is to be construed as one with that Act.
- the group
means the group of breweries consisting of— (a) the co-operated brewery, and (b) every brewery (other than the co-operated brewery) in which beer is produced at the time mentioned in subsection (1) above, or at any earlier time in the current year, by— (i) a person who produces beer in the co-operated brewery at the time so mentioned or at any earlier time in the current year, or (ii) a person connected with such a person;
- the Instalment Payment Regulations
means the Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998/3175).
- the new regulation-making provisions
means the following new provisions of the Betting and Gaming Duties Act 1981 (c. 63)—
- the previous year
means the calendar year immediately preceding the current year. 4 The first condition is that either— a no beer was produced in the previous year in the group, or b the amount given by PY + GE is not more than 30,000 hectolitres, where— • PY is the amount of beer produced in the previous year in the group, and • GE is the aggregate of the grossed-up amount of each estimate that— • (i) is an estimate for the purposes of subsection (10) below of the amount of the production in the current year in a group brewery in which no beer was produced in the previous year, and • (ii) is made no later than the time mentioned in subsection (1) above. 5 For the purposes of subsection (4)(b) above, where a group brewery was in use as beer-production premises during part only of the previous year, the amount of beer produced in the previous year in that brewery shall be taken to have been— where— A is the amount of beer actually produced in the previous year in that brewery, and D is the number of days in that part of the previous year. 6 The second condition is that the aggregate of each estimate that— a is an estimate for the purposes of subsection (10) below of the amount of
- the relevant period
means whichever of the following periods, beginning with the incurring of the expenditure, first ends, namely— a the period ending with the fifth anniversary of the incurring of the expenditure, or b the period ending with the day preceding the first occasion on which the plant or machinery, after becoming owned by the company which incurred the expenditure, is not owned by a company which is either that company or a company connected with it. 3 All such assessments and adjustments of assessments are to be made as are necessary to give effect to subsection (1). 4 If a person who has made a return becomes aware that, after making it, anything in it has become incorrect b
- the relevant shares
has the same meaning as in that section;
- the Revenue and Customs
means— (a) the Commissioners, (b) any officer of Revenue and Customs, and (c) any other person who for the purposes of electronic communications is acting under the authority of the Commissioners;
- The standard beer duty rate
means the rate of duty specified by section 36(1AA)(a) above. 6 References to “the grossed-up amount” of an estimate of the amount of a brewery’s production in a calendar year are to the amount given by— where— E is the amount of the estimate, and N is the number of days (if any) in the calendar year before the brewery begins to be used as beer-production premises. 7 References to a brewery being used as beer-production premises are, in the case of a brewery in the United Kingdom, to there being at least one person who is required to be registered under section 47 below in respect of the brewery. 8 Any question whether a person is connected with another shall be determined in accordance with section 839 of the Income and Corporation Taxes Act 1988. 36C 1 This section applies to beer produced in a brewery at a time in a calendar year (“the current year”) when the brewery is a singleton brewery. 2 The beer is “small brewery beer” if the following conditions are satisfied;
- the standard rate
means the standard beer duty rate at the time mentioned in subsection (1) above. 10 Where a rate given by subsection (7) or (9) above would (apart from this subsection) not be a whole number of pennies, the rate given by that subsection shall be taken to be the rate actually given by that subsection rounded up to the nearest penny. 36G 1 Subsection (3) below applies if— a duty is charged by section 36 above on any beer, and b it appears at the excise duty point that the beer is small brewery beer for the purposes of section 36(1AA) above, but c it turns out that the beer was not small brewery beer for those purposes (because, for example, circumstances were not as they appeared at that point or they subsequently changed). 2 Subsection (3) below also applies if— a duty is charged by section 36 above on any beer that is small brewery beer for the purposes of section 36(1AA) above, and b the rate of duty that at the excise duty point appeared to be the correct rate turns out to have been lower than the correct rate (because, for example, circumstances were not as they appeared at that point or they subsequently changed). 3 In any such case the Commissioners— a may
- the Taxes Act 1988
means the Income and Corporation Taxes Act 1988 (c. 1), and “ITA 2007” means the Income Tax Act 2007”.
- the unrelieved balance of the expenditure
means so much of the first-year qualifying expenditure in question as remains after deducting the amount of any first-year allowance given in respect of the whole or any part of that expenditure.”
- trade
means anything that— a is a trade, profession or vocation, within the meaning of the Income Tax Acts, and b is conducted on a commercial basis with a view to the realisation of profits. 28 For the purposes of this Schedule a “twelve-month period” means a period ending with the day before the first anniversary of the day with which, or in the course of which, the period began. 29 1 References in this Schedule to an interest in shares are to an interest as a co-owner of shares. 2 It does not matter whether the shares are owned jointly or in common, or whether the interests of the co-owners are equal. 30 1 This paragraph explains what is meant by an asset related to shares in a company.
- trader in controlled oil
means a registered excise dealer and shipper carrying on a trade or business that consists of or includes the dealing in, buying or selling of controlled oil.”
- trading activities
means activities carried on by the company— a in the course of, or for the purposes of, a trade being carried on by it, b for the purposes of a trade that it is preparing to carry on, c with a view to its acquiring or starting to carry on a trade, or d with a view to its acquiring a significant interest in the share capital of another company that— i is a trading company or the holding company of a trading group or trading subgroup, and ii if the acquiring company is a member of a group, is not a member of that group. 3 Activities do not qualify as trading activities under sub-paragraph (2)(c) or (d) unless the acquisition is made, or (as the case may be) the company starts to carry on the trade, as soon as is reasonably practicable in the circumstances. 4 The reference in sub-paragraph (2)(d) to the acquisition of a significant interest in the share capital of another company is to an acquisition of ordinary share capital in the other company— a such as would make that company a 51% subsidiary of the acquiring company, or b such as would give the acquiring company a qualifying shareholding in a joint venture company without making the two companies members of
- trading company
means a company carrying on trading activities whose activities do not include to a substantial extent activities other than trading activities. 2 For the purposes of sub-paragraph (1) “trading activities” means activities carried on by the company— a in the course of, or for the purposes of, a trade being carried on by it, b for the purposes of a trade that it is preparing to carry on, c with a view to its acquiring or starting to carry on a trade, or d with a view to its acquiring a significant interest in the share capital of another company that— i is a trading company or the holding company of a trading group or trading subgroup, and ii if the acquiring company is a member of a group, is not a member of that group. 3 Activities do not qualify as trading activities under sub-paragraph (2)(c) or (d) unless the acquisition is made, or (as the case may be) the company starts to carry on the trade, as soon as is reasonably practicable in the circumstances. 4 The reference in sub-paragraph (2)(d) to the acquisition of a significant interest in the share capital of another company is to an acquisition of ordinary share capital in the other company— a such as would m
- trading group
means a group— a one or more of whose members carry on trading activities, and b the activities of whose members, taken together, do not include to a substantial extent activities other than trading activities. 2 For the purposes of sub-paragraph (1) “trading activities” means activities carried on by a member of the group— a in the course of, or for the purposes of, a trade being carried on by any member of the group, b for the purposes of a trade that any member of the group is preparing to carry on, c with a view to any member of the group acquiring or starting to carry on a trade, or d with a view to any member of the group acquiring a significant interest in the share capital of another company that— i is a trading company or the holding company of a trading group or trading subgroup, and ii is not a member of the same group as the acquiring company. 3 Activities do not qualify as trading activities under sub-paragraph (2)(c) or (d) unless the acquisition is made, or (as the case may be) the group member in question starts to carry on the trade, as soon as is reasonably practicable in the circumstances. 4 The reference in sub-paragraph (2)(d) to the acquisition
- trading subgroup
means a subgroup— a one or more of whose members carry on trading activities, and b the activities of whose members, taken together, do not include to a substantial extent activities other than trading activities. 2 For the purposes of sub-paragraph (1) “trading activities” means activities carried on by a member of the subgroup— a in the course of, or for the purposes of, a trade being carried on by any member of the subgroup, b for the purposes of a trade that any member of the subgroup is preparing to carry on, c with a view to any member of the subgroup acquiring or starting to carry on a trade, or d with a view to any member of the subgroup acquiring a significant interest in the share capital of another company that— i is a trading company or the holding company of a trading group or trading subgroup, and ii is not a member of the same group as the acquiring company. 3 Activities do not qualify as trading activities under sub-paragraph (2)(c) or (d) unless the acquisition is made, or (as the case may be) the subgroup member in question starts to carry on the trade, as soon as is reasonably practicable in the circumstances. 4 The reference in sub-paragraph (
- transfer of shares on a demerger
means a transfer such that, by virtue of section 192(2)(b), sections 126 to 130 apply as if the parent company and the subsidiary were the same company and the transfer were a reorganisation of that company’s share capital not involving a disposal or acquisition. 16 Where assets of the investing company, or of a company that is a member of the same group as the investing company, are vested in a liquidator under section 145 of the Insolvency Act 1986 or Article 123 of the Insolvency (Northern Ireland) Order 1989 or otherwise, this Part applies as if the assets were vested in, and the acts of the liquidator in relation to the assets were the acts of, the company (acquisitions from or disposals to him by the company being disregarded accordingly). 17 1 In the following two cases paragraph 8(1) (meaning of substantial shareholding) has effect as if, in paragraphs (a), (b) and (c), “30%" were substituted for “10%". 2 The first case is where the investing company is an insurance company and the disposal is of an asset of its long-term insurance fund. 3 The second case is where— a the investing company is a 51% subsidiary of an insurance company, and b
- twelve-month period
means a period ending with the day before the first anniversary of the day with which, or in the course of which, the period began. 29 1 References in this Schedule to an interest in shares are to an interest as a co-owner of shares. 2 It does not matter whether the shares are owned jointly or in common, or whether the interests of the co-owners are equal. 30 1 This paragraph explains what is meant by an asset related to shares in a company. 2 An asset is related to shares in a company if it is— a an option to acquire or dispose of shares or an interest in shares in that company, or b a security to which are attached rights by virtue of which the holder is or may become
- Type I test
means a test as described in section 5.3 of Annex I to Council Directive 70/220/EEC as amended (test for simulating/verifying the average tailpipe emissions after a cold start and carried out using the procedure described in Annex III of that Directive as amended);
- unauthorised unit trust
means the trustees of any unit trust scheme which is not an authorised unit trust but is a unit trust scheme for the purposes of section 469 of the Taxes Act 1988.”
- underlying subject matter
has the same meaning as in paragraph 11 of that Schedule.”
- unestimated time
means a time in the current year when there is a group brewery for which there does not exist a reasonable estimate, made by the person who first produces beer in that brewery in that year, of the amount of beer that will be produced in that brewery in that year. 11 Beer produced in the co-operated brewery in the current year after the amount of beer produced in the group in the current year has reached 30,000 hectolitres is not small brewery beer. 12 Subsection (11) above is without prejudice to section 167(4) of the Customs and Excise Management Act 1979 (recovery of duty unpaid by reason of untrue document or statement). 36F 1 This section applies to small brewery beer produced in a brewery at a time in a calendar year (“the current year”) when the brewery is a co-operated brewery. 2 The rate of duty in the case of that beer (“the brewery rate”) is determined in accordance with this section. 3 In this section— • “the group” means the group of breweries consisting of— (a) the co-operated brewery, and (b) every brewery (other than the co-operated brewery) in which beer is produced at the time mentioned in subsection (1) above, or at any earlier time in the curre
- United Kingdom government stock
means stock or bonds of any of the descriptions included in Part 1 of Schedule 11 to the Finance Act 1942 (c. 21) (whether on or after the passing of this Act).
- use licence
means— a a vehicle licence issued for the use of a vehicle, or b a vehicle licence that is issued by reason of a vehicle being registered under this Act but which would have been issued for the use of the vehicle if the vehicle had not been registered under this Act.”
- vehicle
means— a a mechanically propelled vehicle, or b any thing (whether or not it is a vehicle) that has been, but has ceased to be, a mechanically propelled vehicle. 1C Vehicle excise duty charged in respect of a vehicle by subsection (1)(a) or (1A)(a) shall be paid on a licence to be taken out— a by the person in whose name the vehicle is registered under this Act, or b if that person is not the person keeping the vehicle, by either of those persons. 1D Vehicle excise duty charged in respect of a vehicle by subsection (1)(b) or (1A)(b) shall be paid on a licence to be taken out by the person keeping the vehicle.”