{
  "url": "https://openlegislation.uk/finance-act-1986/section-72ZA",
  "json_url": "https://openlegislation.uk/finance-act-1986/section-72ZA.json",
  "legislation": "ukpga/1986/41",
  "legislation_title": "Finance Act 1986",
  "legislation_url": "https://openlegislation.uk/finance-act-1986",
  "path": "section/72ZA",
  "kind": "section",
  "number": "72ZA",
  "heading": "Meaning of “exempt capital-raising instrument”",
  "text": "(1) For the purposes of sections 67 and 70, an instrument is an “exempt capital-raising instrument” if the instrument transfers relevant securities in the course of capital-raising arrangements.\n(2) In this section, “capital-raising arrangements” means arrangements pursuant to which relevant securities are issued by a company for the purpose of raising new capital.\n(3) An instrument is not prevented from being an exempt capital-raising instrument by reason only of a delay in transferring relevant securities where—\n(a) a person (“the transferor”) acquires the relevant securities—\n(i) before capital-raising arrangements are entered into, or\n(ii) in the course of capital-raising arrangements,\n(b) the transferor is subject to a restriction that has the effect of preventing the transfer of the relevant securities in the course of the capital-raising arrangements, and\n(c) the instrument transfers the relevant securities as soon as reasonably practicable after the time at which the restriction ceases to have effect.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Ss. 72ZA, 72ZB and cross-heading inserted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by Finance Act 2024 (c. 3), Sch. 11 para. 5"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1986/41/section/72ZA",
    "retrieved_at": "2026-10-29T09:56:06.979637+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}