| Commentary

278 Relief from stamp duty

| Commentary

278 Relief from stamp duty

The main relief from stamp duty applies where a company (the acquiring company) acquires the whole or part of the undertaking of another company (the target company) in pursuance of a scheme for the reconstruction of the target company1. Under Section 75 of the Finance Act 1986, provided that certain conditions are satisfied, the transfer will be exempt from stamp duty. The following requirements must be satisfied for Section 75 to apply:

  1. 278.1

        the consideration for the acquisition must consist of, or include, the issue of non-redeemable shares in the acquiring company (Newco in the

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