The gross assets requirementU.K.
45(1)In relation to shares issued before 6 April 2006, section 142 applies with the substitution in subsections (1) and (2)—U.K.
(a)of “£15 million” for “£7 million”, and
(b)of “£16 million” for “£8 million”.
(2)For the purposes of sub-paragraph (1) shares issued on or after 6 April 2006 to a person who subscribed for them before 22 March 2006 are treated as having been issued before 6 April 2006.
(3)Section 142 does not apply in relation to shares issued before 6 April 1998.
F1(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 2 para. 45(4) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)