Part O
Memorandum accounts
Terminating provisions
OZ 4Terminating modifications to debits for loss of shareholder continuity
The terminating modifications that apply under section OA 8(8) (Shareholder continuity requirements for memorandum accounts) are—
- the shareholder continuity requirement does not apply to a credit that arises on or before 16 December 1988; and
- credits arising after 16 December 1988 and before 1 April 1992 are treated as 1 credit arising on 1 April 1992 and, until such time as the credit can be treated as cancelled by later debits,—
- the shareholder continuity requirement applying to the credit is the earlier version of the requirement incorporated in section 394E(2)(g) of the Income Tax Act 1976 (despite its repeal and replacement by section 51 of the Income Tax Act Amendment Act (No 2) 1992); and
- the earlier version of the requirement of section 394E(2)(g) applies by reading the figure
66
instead of the figure75
.
- the shareholder continuity requirement applying to the credit is the earlier version of the requirement incorporated in section 394E(2)(g) of the Income Tax Act 1976 (despite its repeal and replacement by section 51 of the Income Tax Act Amendment Act (No 2) 1992); and