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Election of acquisitions in place of acquisitions under section 37L(4A)(c) and (d), or (4A)(e) and (f), of Act

Income Tax (Deduction for Acquisition of Shares of Companies) Regulations 2012

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—(1) For the purpose of section 37L of the Act and these Regulations, an acquiring company (A) may elect for the acquisitions of ordinary shares in a target company specified in paragraph (2) made by A and A’s acquiring subsidiaries as A’s qualifying acquisitions instead of the acquisitions mentioned in any of the following provisions of the Act:(a)section 37L(4A)(c) and (d);(b)section 37L(4A)(e) and (f).(2) The acquisitions mentioned in paragraph (1) are —(a)instead of the acquisitions mentioned in section 37L(4A)(c) and (d) of the Act —(i)one of the following acquisitions:(A)the acquisition mentioned in section 37L(4A)(c) of the Act;(B)an acquisition of ordinary shares in the target company, the date of which is after the date of the acquisition mentioned in sub-paragraph (A) but before the end of the basis period of A in which the acquisition mentioned in sub-paragraph (A) falls; and(ii)the acquisitions of ordinary shares in the target company that took place in the shorter of the following periods, as may be applicable:(A)a period of 12 months ending on and including the date of the acquisition mentioned in sub-paragraph (i)(A) or (B), as the case may be;(B)the period commencing immediately after the latest acquisition in respect of which a deduction under section 37L of the Act has been claimed on the basis that it is a qualifying acquisition mentioned in section 37L(4A)(a) or (b) of the Act (as the case may be) and ending on (and including) the date of the acquisition mentioned in sub-paragraph (i)(A) or (B), as the case may be; and(b)instead of the acquisitions mentioned in section 37L(4A)(e) and (f) of the Act —(i)one of the following acquisitions:(A)the acquisition mentioned in section 37L(4A)(e) of the Act;(B)an acquisition of ordinary shares in the target company, the date of which is after the date of the acquisition mentioned in sub-paragraph (A) but before the end of the basis period of A in which the acquisition mentioned in sub-paragraph (A) falls; and(ii)the acquisitions of ordinary shares in the target company that took place in the shorter of the following periods, as may be applicable:(A)a period of 12 months ending on and including the date of the acquisition mentioned in sub-paragraph (i)(A) or (B), as the case may be;(B)the period commencing immediately after the latest acquisition in respect of which a deduction under section 37L of the Act has been claimed on the basis that it is a qualifying acquisition mentioned in —(BA)section 37L(4)(a) or (b) of the Act or regulation 3(a); or(BB)section 37L(4A)(c) or (d) of the Act or sub-paragraph (a),(as the case may be) and ending on (and including) the date of the acquisition mentioned in sub-paragraph (i)(A) or (B), as the case may be.(3) A may make the election mentioned in paragraph (1) only if A and A’s acquiring subsidiaries own together in total —(a)in the case of paragraph (2)(a) — more than 50% of the total number of ordinary shares in the target company at the end of A’s basis period in which the acquisition mentioned in paragraph (2)(a)(i)(A) falls; or(b)in the case of paragraph (2)(b) — 75% or more of the total number of ordinary shares in the target company at the end of A’s basis period in which the acquisition mentioned in paragraph (2)(b)(i)(A) falls.

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