{
  "url": "https://openlegislation.uk/finance-act-1986/section-97AB",
  "json_url": "https://openlegislation.uk/finance-act-1986/section-97AB.json",
  "legislation": "ukpga/1986/41",
  "legislation_title": "Finance Act 1986",
  "legislation_url": "https://openlegislation.uk/finance-act-1986",
  "path": "section/97AB",
  "kind": "section",
  "number": "97AB",
  "heading": "Exempt capital-raising transfers",
  "text": "(1) There is to be no charge to tax under section 93 or 96 in respect of an exempt capital-raising transfer.\n(2) For the purposes of subsection (1), a transfer of chargeable securities is an “exempt capital-raising transfer” if the transfer is in the course of capital-raising arrangements.\n(3) In this section, “capital-raising arrangements” means arrangements pursuant to which chargeable securities are issued by a company for the purpose of raising new capital.\n(4) A transfer of chargeable securities is not prevented from being an exempt capital-raising transfer by reason only of a delay in transferring the chargeable securities where—\n(a) a person (“the transferor”) acquires the chargeable 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 chargeable securities in the course of the capital-raising arrangements, and\n(c) the transfer is made 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. 97AB-97AD 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. 15"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1986/41/section/97AB",
    "retrieved_at": "2026-10-29T09:56:06.979637+00:00",
    "licence": "OGL-UK-3.0",
    "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."
  }
}