Commentary on Sections Overview Section 560: Conditions to be met for some securities
1681.This section sets out details of certain conditions which some of the securities specified in the previous section have to meet to count as approved charitable investments for the purposes of the rules restricting exemptions. It is based on Schedule 1 to TIA 1961.
1682.The detail of the investments covered by Schedule 1 to TIA 1961 is incorporated into these sections in a more succinct and updated form. See Change 100 in Annex 1 and the commentary on section 558.
1683.Subsection (8) specifies (among other things) that a company acquiring control of another company or other companies is treated as having paid a dividend or dividends paid by the other company or companies. The effect of including this provision (rather than cross-referring to a provision in TIA 1961) is that “control” needs to be defined. Consequently the definition of “control” in section 995 applies for the purposes of this subsection. See Change 100 in Annex 1.