Certain UK tax considerations
The following statements, which are intended as a general guide only[ and not a Substitute for detailed tax advice], are based on current [(and where expressly referred to, prospective)] UK tax legislation and to what is understood to be the current published practice of HMRC (which is not binding)[ as at the last practicable date prior to the issue of this document, which may change, possibly with retrospective effect].
[The following statements also assume that the Finance Bill [insert year] will be enacted in substantially its current form.]
These statements deal only with the position of Shareholders who are resident, and in the case of individuals, domiciled for tax purposes in (and only in) the UK and to whom split year treatment does not apply (except where the position of non-UK tax residents is expressly referred to), who hold their Ordinary Shares as investments [(other than under an individual savings account or self-invested personal pension)] and who are the absolute beneficial [and legal ]owners of their Ordinary Shares and any
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Jurisdiction(s):
United Kingdom
Key definition:
Substitute definition
What does Substitute mean?
Substitutes are products or services that exert competitive pressure on the product or service of the undertaking(s) under scrutiny, normally because consumer demand could shift to a substitute for either price or non-price reasons (such as product quality or innovation).
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