Finance Act 2012

Certain share transactions with investment undertakings.

58.— (1) The Principal Act is amended—

(a) in section 584(3) by substituting “(10)” for “(9)”,

(b) in section 584 by inserting the following after subsection (9):

“(10) (a) In this subsection, ‘investment undertaking’ and ‘unit’ have the same meanings respectively as in section 739B.

(b) Subsection (3) shall not apply where the new holding comprises units in an investment undertaking, being a company.”,

(c) in section 585(1) by inserting the following definitions before the definition of “security”:

“ ‘investment undertaking’ and ‘unit’ have the same meanings respectively as in section 739B;”,

(d) in section 585 by inserting the following after subsection (1):

“(1A) For the purposes of this section, a conversion of securities shall not include a conversion of securities into units in an investment undertaking, being a company.”,

(e) in section 586(3) by inserting the following after paragraph (c):

“(d) This section shall not apply where the company issuing the shares or debentures is an investment undertaking within the meaning of section 739B.”,

and

(f) in section 587(4) by inserting the following after paragraph (c):

“(d) This section shall not apply where the company issuing the shares or debentures is an investment undertaking within the meaning of section 739B.”.

(2) This section applies to any shares or debentures issued by a company on or after 22 February 2012.