Income Tax Act 2007 Schedule 2 paragraph 130

Transactions in securities: meaning of relevant companies for the purposes of sections 689 and 690

Paragraph 130 of Schedule 2 provides transitional rules that modify the definition of "relevant company" in section 691 when dealing with older transactions in securities that took place before specific dates in 1996 and 1997.

• For transactions in securities before 29 April 1996, the definition of "relevant company" is adjusted so that the test refers to shares "authorised to be dealt in on" a stock exchange, rather than "listed in the Official List of" that exchange.
• For transactions before 1 January 1997, the definition of "relevant company" is broadened to also include companies whose shares or stocks are not dealt in on the Unlisted Securities Market, whether regularly or from time to time.
• Where there are multiple transactions in securities, the relevant date is the date of the first transaction in the series.
• The terms "companies" and "transaction in securities" carry the same meanings as defined in Chapter 1 of Part 13 of the Act, as set out in section 713.