Income Tax Act 2007 Schedule 2 paragraph 44

The property managing subsidiaries requirement

Paragraph 44 of Schedule 2 provides a transitional rule exempting shares issued before 17 March 2004 from the property managing subsidiaries requirement in section 141.

• Section 141 imposes a property managing subsidiaries requirement for share loss relief purposes
• This requirement does not apply to shares issued before 17 March 2004
• Shares issued on or after 17 March 2004 must meet the property managing subsidiaries requirement
• This transitional provision ensures that investors who acquired shares under the earlier rules are not disadvantaged by the later introduction of this requirement