Regulation 13A

an amalgamating company ceases to exist on the date of amalgamation;

the qualifying period mentioned in section 51 of the Economic Expansion Incentives (Relief from Income Tax) Act 1967 of the amalgamating company has expired; and

the amalgamating company has any integrated investment allowance given under section 52 of that Act that remains unabsorbed on the date of amalgamation,then sections 53 to 57 of that Act apply, with the necessary modifications, as if the amalgamated company is the amalgamating company for the purposes of deducting the unabsorbed integrated investment allowance against the income of the amalgamated company, subject to the conditions specified in paragraph (2).

the amalgamating company was carrying on one or more trades or businesses until the amalgamation;

the amalgamated company continues to carry on the same trade or business, or the same trades or businesses, on the date of amalgamation as that or those of the amalgamating company; and

the Comptroller is satisfied that —

where the date of amalgamation is the same as or occurs after the last day of the year of assessment for which the allowance was given to the amalgamating company under section 52 of the Economic Expansion Incentives (Relief from Income Tax) Act 1967, the shareholders of the amalgamating company on the last day of that year of assessment were substantially the same as the shareholders of the amalgamated company on the first day of the year of assessment in which the amalgamated company is claiming the unabsorbed integrated investment allowance; or

where the date of amalgamation occurs before the last day of the year of assessment for which the allowance was given to the amalgamating company under section 52 of that Act, the shareholders of the amalgamating company on the day immediately before the date of amalgamation were substantially the same as the shareholders of the amalgamated company on the first day of the year of assessment in which the amalgamated company is claiming the unabsorbed integrated investment allowance.

the shareholders of the amalgamated company at any date are not considered to be substantially the same as the shareholders of the amalgamating company at any other date unless, on both those dates, at least 50% of the total number of issued shares of the amalgamated company and the amalgamating company are held by or on behalf of the same persons;

shares in the amalgamated company or amalgamating company held by or on behalf of another company are considered to be held by the shareholders of the other company; and

shares held by or on behalf of the trustee of the estate of a deceased shareholder or by or on behalf of the person entitled to those shares as beneficiaries under the will or any intestacy of a deceased shareholder are considered to be held by that deceased shareholder.