Finance Act 2014

Amendment of section 623 of Principal Act (company ceasing to be member of group)

41. Section 623 of the Principal Act is amended in subsection (4) by inserting the following after “time”:

“and, solely for the purpose of determining when such tax is due and payable, as if any tax charged in respect of a chargeable gain that accrued from such a sale and reacquisition were tax for the accounting period of the chargeable company in which it ceases to be a member of the group”.