Change of ownership of company with investment business
D7.320 Restriction on carry forward of certain expenses and losses of investment businesses
There may be a restriction on the carry forward of surplus management expenses where there is a change of ownership of a company with investment business1. The rules are similar to, but not identical with, the rules restricting carry forward of trading losses (see D1.1126) and losses of a property business (see B6.203) on a change of ownership of the company concerned.
What constitutes a change in ownership?
There is a change in the ownership of a company if2:
• one person acquires more than half of its ordinary share capital, or
• two or more persons acquire more than half of the ordinary share capital and each of them acquires at least 5%, or
• two or more persons acquire
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