Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012

111 Qualifying companies: transition into partnership
  • (1) In section HZ 4B(5), in the words before the paragraphs, subsection (2) is replaced by subsection (2) for the transitional income year and later years.

    (2) Section HZ 4B(5)(a) is replaced by the following:

    • (a) for calculating amounts under section HG 11(5)(a) for shares that were held at the end of the income year (the last year) before the transitional income year, they may choose to use the market value or the accounting book value of those shares as at the end of the last year. Calculations under section HG 11(7)(b) and (8)(b) are changed to account for the valuation under this paragraph; or.