Income Tax Act 2007 section 328

Supplementary

Section 328 provides supplementary definitions and interpretive rules that support the VCT restructuring provisions in sections 326 and 327, extending their scope to cover securities as well as shares.

• References to shares in sections 326, 327 and this section generally include securities of the company, except where the term "subscriber shares" is used
• A relevant security of the old company is excluded from being treated as a security if the arrangements do not provide for its acquisition by the new company, or if including it would prevent section 326(1)(b) from being satisfied
• The period for giving effect to the arrangements runs from when the arrangements first came into existence until the new company completes its acquisition of all the old shares
• Old and new shares are of a "corresponding description" if they would be the same type were they in the same company, and are "matching shares" if the old shares are those exchanged for the new shares under the arrangements