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Taxes Consolidation Act, 1997 (Number 39 of 1997)


848G Acquisition of qualifying assets.

(1) Qualifying assets held in a special savings incentive account, managed by a qualifying savings manager and beneficially owned by a qualifying individual may not at any time—

(a) be purchased (or otherwise acquired) by the qualifying savings manager, otherwise than—

(i) out of money which the qualifying savings manager holds in the account, and

(ii) by way of a bargain made at arm’s length,

(b) be purchased from the qualifying individual or any person connected with that individual (within the meaning of section 10), or

(c) be connected with any other asset or liability of the qualifying individual or any other person connected with that individual (within the meaning of section 10) and for this purpose a qualifying asset is connected with another asset or a liability if the terms under which either asset or the liability is acquired and held would be different if the qualifying asset, the other asset or the liability, had not been acquired and held.

(2) Shares fulfil the condition as to official listing in paragraph (f) of the definition of “qualifying assets” in section 848B(1) if in pursuance of a public offer, a qualifying savings manager applies for the allotment or allocation to him or her of shares in a company which are due to be admitted to such listing within 30 days of the allocation or allotment, and which, when admitted to such a listing, would be qualifying assets.




Inserted by FA01 s33(1).