SCHEDULES

SCHEDULE 2Transitionals and savings

Part 6Losses on disposal of shares

Meaning of a company being “in administration”

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1

Sub-paragraph (2) applies in relation to—

a

an administration order under Part 3 of the Insolvency (Northern Ireland) Order 1989 the petition for which was presented before 6 April 2007, or

b

any corresponding order under the law of a country or territory outside the United Kingdom the proceedings for which were instituted before that date.

2

Section 252 (as it applies for the purposes of Chapter 6 of Part 4) applies with the substitution for subsection (2) of—

2

A company is “in administration” if—

a

it is in administration within the meaning of Schedule B1 to the Insolvency Act 1986, or

b

there is in force in relation to it—

i

an administration order under Part 3 of the Insolvency (Northern Ireland) Order 1989, or

ii

any corresponding order under the law of a country or territory outside the United Kingdom.

3

For the purposes of sub-paragraph (2), section 252 applies for the purposes of Chapter 6 of Part 4 in any case where—

a

it is applied by section 138(5),

b

it applies for the purposes of section 190 as applied by section 141(2), or

c

it applies for the purposes of section 191 as applied by section 137(7), 139(4), 140(2) or 142(4).

4

In relation to an administration order under Part 2 of the Insolvency Act 1986 the petition for which was presented before 15 September 2003, section 252 (as applied by section 138(5)) applies with the substitution for subsection (2) of—

2

A company is “in administration” if there is in force in relation to it—

a

an administration order under Part 2 of the Insolvency Act 1986 or Part 3 of the Insolvency (Northern Ireland) Order 1989, or

b

any corresponding order under the law of a country or territory outside the United Kingdom.

5

Section 252 (as applied by section 138(5)) does not apply in relation to shares issued before 21 March 2000.

6

In the application of sub-paragraph (5) on or after 21 March 2000, shares—

a

that were issued on or after 6 April 1998 but before 21 March 2000, and

b

to which EIS relief or relief under Schedule 5B to TCGA 1992 was attributable immediately before 21 March 2000,

are treated as having been issued on or after 21 March 2000.

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F18

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