[F1[F2809VNOrder of disposals etcU.K.
(1)Subsection (2) applies if at any time income or chargeable gains of an individual are treated under section 809VA as not remitted to the United Kingdom as a result of—
(a)more than one qualifying investment made in the same target company,
(b)more than one qualifying investment made in companies in the same eligible trading group, or
(c)qualifying investments made in an eligible trading company and in an eligible stakeholder company [F3or eligible hybrid company] that holds investments in that trading company.
(2)In the application of section 809VG at that time—
(a)treat the investments and holdings as if they were a single qualifying investment and a single holding, and
(b)assume that a disposal of all or part of that deemed single holding affects the deemed single investment in the order in which the qualifying investments were made (that is to say, on a first in, first out basis).
(3)Subsection (4) applies if at any time—
(a)income or chargeable gains of an individual are treated under section 809VA as not remitted to the United Kingdom as a result of one or more qualifying investments,
(b)in addition to that investment or those investments, a relevant person holds at least one other investment in the same target company, the same eligible trading group or a related eligible company, and
(c)that other investment is not a qualifying investment.
(4)In the application of section 809VG at that time—
(a)treat the investments and holdings as if they were a single investment and a single holding, and
(b)assume that a disposal of all or part of that deemed single holding is a disposal of a holding from a qualifying investment until the holdings from all the qualifying investments have been disposed of.
(5)The reference to a “related eligible company”—
(a)in relation to an eligible trading company, is to an eligible stakeholder company [F4or eligible hybrid company] that holds investments in that company, and
(b)in relation to an eligible stakeholder company [F4or eligible hybrid company], is to an eligible trading company in which that company holds investments.
(6)Subsections (2) and (4) apply whether the investments in question are held by the same relevant person or different ones.]]
Textual Amendments
F1Pt. 14 Ch. A1 inserted (21.7.2008 with effect in accordance with Sch. 7 para. 81 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 1 (with Sch. 7 paras. 85-89)
F2Ss. 809VA-809VO and cross-heading inserted (17.7.2012) (with effect in accordance with Sch. 12 para. 17 of the amending Act) by Finance Act 2012 (c. 14), Sch. 12 para. 7
F3Words in s. 809VN(1)(c) inserted (with effect in accordance with s. 15(8) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 15(7)
F4Words in s. 809VN(5)(a)(b) inserted (with effect in accordance with s. 15(8) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 15(7)
Modifications etc. (not altering text)
C1Pt. 14 Ch. A1 modified by 2005 c. 5, s. 643F(4) (as inserted (with effect for the tax year 2018-19 and subsequent years) by Finance Act 2018 (c. 3), Sch. 10 paras. 11, 21(1) (with Sch. 11 para. 22))
C2Pt. 14 Ch. A1 modified by 2005 c. 5, s. 643N(3)(4) (as inserted (with effect for the tax year 2018-19 and subsequent years) by Finance Act 2018 (c. 3), Sch. 10 paras. 11, 21(1) (with Sch. 11 para. 22))
C3Ss. 809L-809Z6 applied by 2005 c. 5, s. 643I(9) (as inserted (with effect for the tax year 2018-19 and subsequent years) by Finance Act 2018 (c. 3), Sch. 10 paras. 11, 21(1) (with Sch. 11 para. 22))
C4Ss. 809L-809Z6 applied by 2005 c. 5, s. 643A(6) (as inserted (with effect for the tax year 2018-19 and subsequent years) by Finance Act 2018 (c. 3), Sch. 10 paras. 11, 21(1) (with Sch. 11 para. 22))