Amendment of section 444AEB20

1

Section 444AEB (Case I advantage: transferor) is amended as follows.

2

In subsection (1)—

a

in paragraph (a), for the words from “are less” to “any part” substitute “are, or at the relevant time are expected to be, less than they would be but for the whole”, and

b

in paragraph (b), for the words from “are greater” to “any part” substitute “are, or at the relevant time are expected to be, greater than they would be but for the whole”.

3

In subsection (2)—

a

in paragraph (a), for the words from “are less” to “or part” substitute “are, or at the relevant time are expected to be, less than they would be but for the whole of the transfer scheme arrangements”, and

b

in paragraph (b), for the words from “are greater” to the end substitute “are, or at the relevant time are expected to be, greater than they would be but for the whole of the transfer scheme arrangements”.

4

For subsection (4) substitute—

4

In this section and sections 444AEC, 444AECB and 444AECC19—

  • “Case I profits” and “Case I losses” means profits and losses computed in accordance with the provisions of Case I of Schedule D, and

  • “the relevant time” is the time at which any application under section 444AED20 is made, or, if no such application is made, the transfer date.