Introduction Overview Overview Section 692: Introduction to Chapter
2147.This section introduces the Chapter. It is based on sections 768C, 768Dand 768E of ICTA. If, having read this section, the reader is satisfied that the conditions for this Chapter to apply are not all met, the reader need read no further in this Chapter.
2148.Subsections (1) to (4) lay down the conditions for the Chapter to apply.
2149.Subsection (1) is based on, among other things, section 768D(1)(a)(ii) of ICTA. Unlike section 768D(1) of ICTA, subsection (1) does not refer to a change in the ownership of a company carrying on a UK property business; it refers to a change in the ownership of a company with investment business. The reason is that, if section 768D(1)(a)(ii) of ICTA applies, then:
	There is a change in the ownership of a company carrying on a UK property business (see the opening words of section 768D(1)); and
	The company whose ownership has changed is a company with investment business (see the opening words of section 768D(1)(a)).
2150.Accordingly, if section 768D(1)(a)(ii) of ICTA applies, there is by implication a change in the ownership of a company with investment business. There is therefore no need for section 768D(1)of ICTA to pick up the opening words of section 768B of that Act.
2151.Subsections (5) and (6) supplement subsection (4).
2152.Subsection (7) defines “the change in ownership”, “the company”, “non-trading chargeable realisation gain” and “the relevant gain” for the purposes of this Chapter.