Legal News

Exception to the prohibition on cancellation schemes (Re Home Retail Group plc)

Published on: 15 November 2016
Published by: LexisPSL
  • Exception to the prohibition on cancellation schemes (Re Home Retail Group plc)
  • Original news
  • What was the background to the case?
  • What are the legal restrictions on cancellation schemes?
  • What was the Company's concern?
  • The Ramsay principle
  • What did the court decide?

Article summary

Corporate analysis: In this case the High Court considered whether Home Retail Group plc could rely on an exception from the Companies Act 2006 (CA 2006) prohibition on the use of cancellation schemes in connection with a takeover. The court considered whether the Ramsay principle of the interpretation of tax legislation affected the availability of the statutory exception that permitted a cancellation scheme involving the insertion of a new holding company into a group structure. or take a trial to read the full analysis.

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