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Amendment of section 980 of Principal Act (deduction from consideration on disposal of certain assets)
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28. (1) Section 980 of the Principal Act is amended by inserting the following after subsection (2):
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“(2A) (a) In this subsection—
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‘arrangement’ includes any agreement, understanding, scheme, transaction or series of transactions;
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‘relevant assets’ means assets specified in subsection (2)(a), (b) or (c).
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(b) In calculating the portion of the value of shares attributable directly or indirectly to relevant assets for the purposes of subsection (2)(d), account shall not be taken of any arrangement that—
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(i) involves a transfer of money or other assets (apart from relevant assets) from a person connected with the company in which those shares are held,
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(ii) is made before a disposal of relevant assets, and
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(iii) the main purpose or one of the main purposes of which is the avoidance of tax.”.
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(2) This section applies to disposals made on or after 19 October 2017.
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