Part IV BES Income Tax Relief and Relief against Chargeable Gains
Finance Act 1998 (1998 c 36) | Legislation

Part IV BES Income Tax Relief and Relief against Chargeable Gains

37

Any reference in this Part to a provision of Chapter III of Part VII of the Taxes Act 1988 is a reference to that provision as it has effect in relation to shares issued before 1st January 1994.

38

(1)     In subsection (8) of section 293 of the Taxes Act 1988 (qualifying companies), for the words “Subject to sections 308 and 309†there shall be substituted the words “Subject to sections 304A, 308 and 309â€.

(2)     This paragraph has effect in relation to new shares (within the meaning of section 304A of the Taxes Act 1988) issued on or after 6th April 1998.

39

(1)     At the beginning of subsection (1) of section 299 of the Taxes Act 1988 (disposals of shares) there shall be inserted the words “Subject to section 304(5),â€.

(2)     For subsection (4) of that section there shall be substituted the following subsections—

“(4)     Where shares of any class in a company have been acquired by an individual on different days, any disposal by him of shares of that class shall, subject to subsection (3) above, be treated for the purposes of

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