SCHEDULES
SCHEDULE 2Transitionals and savings
Part 6Losses on disposal of shares
Qualifying trading companies
38
1
In relation to shares issued before 17 March 2004, section 134(2)(a) applies with the omission of sub-paragraph (iv) and the “and” immediately before it.
2
In relation to shares issued before 6 April 1998, section 134 applies with the substitution for subsections F4(2) to (4) of—
2
Condition A is that the company either—
a
is a trading company on the date of the disposal, or
b
has ceased to be a trading company at a time which is not more than 3 years before that date and has not since that time been an excluded company or an investment company.
3
Condition B is that the company either—
a
has been a trading company for a continuous period of 6 years ending on that date or at that time, or
b
has been a trading company for a shorter continuous period ending on that date or F5at that time and has not before the beginning of that period been an excluded company or an investment company.
4
Condition C is that none of the shares in the company has been listed on a recognised stock exchange at any time in the period—
a
beginning with the incorporation of the company or, if later, 12 months before the date on which the shares in question were subscribed for, and
b
ending with the date on which the shares are disposed of.
F25
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
In relation to shares issued before 7 March 2001, section 134(4)(b) applies with the substitution for “at the relevant time” of “throughout the relevant period”.
4
For the purposes of sub-paragraph (3), shares that were issued—
a
F3... after 5 April 1998, but
b
before 7 March 2001,
F15
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .