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(1) Section 403C of the Taxes Act 1988 (which imposes limits, based on the former section 403(9), on the amounts which may be set off where the surrendering company or, as the case may be, the claimant company is a member of a consortium) shall be amended as follows.
(2) In subsection (1)(a) (case where the surrendering company is a member of the consortium) for “surrendering company” there shall be substituted “claimant company”.
(3) In subsection (2)(a) (case where the claimant company is a member of the consortium) for “claimant company” there shall be substituted “surrendering company”.
(4) In consequence of the amendments made by subsections (2) and (3) above, in subsection (3) (which defines “the relevant fraction” by reference to the member company's share in the consortium)—
(a) in paragraph (a) (meaning in a case falling within subsection (1)) for “surrendering company's” there shall be substituted “claimant company's”; and
(b) in paragraph (b) (meaning in a case falling within subsection (2)) for “claimant company's” there shall be substituted “surrendering company's”.
(5) Section 403C of the Taxes Act 1988 and Schedule 7 to the Finance (No 2) Act 1997 (which, among other things, inserted that section into the Taxes Act 1988) shall have effect, and be deemed always to have had effect, as if that section had been originally enacted in that Schedule with the amendments made by this section.
This Act received Royal Assent on 31 July 1998 and this section came into force on that date in the absence of any specific commencement provision.