Part 1 of Schedule 7 to FA 2003 (group relief) is amended as follows.
In paragraph 3(5), for "paragraph 4" substitute ." paragraphs 4 and 4ZA "
In paragraph 4 (cases in which group relief not withdrawn)—
omit sub-paragraphs (2) and (3), and
in sub-paragraph (5), for "sub-paragraphs (3) and (4)" substitute ." sub-paragraph (4) "
After that paragraph insert—
In paragraph 4A (withdrawal of group relief in certain cases involving successive transactions)—
in sub-paragraph (1), in the words following paragraph (d), for "and 4" substitute ," , 4 and 4ZA "
after that sub-paragraph insert—1ASub-paragraph (1) has effect subject to sub-paragraph (3A).,
in sub-paragraph (3)—
for "sub-paragraph (1)(a)" substitute , and" this paragraph "
for "this sub-paragraph" substitute , and" this paragraph "
after sub-paragraph (3) insert—3ASub-paragraph (1) does not apply where—athere is a change in the control of the purchaser because a loan creditor (within the meaning of section 417(7) to (9) of the Taxes Act 1988) obtains control of, or ceases to control, the purchaser, andbthe other persons who controlled the purchaser before that change continue to do so.
The amendments made by this section have effect in relation to transactions with an effective date on or after 13 March 2008.