488. Change in ownership of investment company; deductions and asset transfers within group.

Restrictions on relief1 apply if there is a change in the ownership2 of a company with investment business3 ('the company') and the following conditions are met4.

  1.  

    (1)     none of conditions as to the general restrictions on relief5 is met;

  2.  

    (2)     after the change in ownership the company acquires an asset from another company in circumstances such that either: (a) there is no gain or no loss on the transfer6; or (b) the acquisition is a tax-neutral transfer within a group7;

  3.  

    (3)     in a case within head (2)(a), a chargeable gain8 accrues to the company on a disposal of the