Commentary

57 Anti-avoidance provisions and advance clearance

COMPANIES vol 11 acquisitions, mergers, demergers
| Commentary

57 Anti-avoidance provisions and advance clearance

| Commentary

57 Anti-avoidance provisions and advance clearance

Neither Section 135 nor Section 136 of the Taxation of Chargeable Gains Act 1992 applies unless the share exchange is effected for bona fide commercial reasons and does not form part of a scheme or arrangements of which the main purpose, or one of the main purposes, is avoidance of liability for capital gains tax or corporation tax1. These restrictions do not apply where the person to whom the shares or debentures are issued does not hold more than 5% of, or of any class of, the shares or debentures of company

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