# Income Tax Act 2007, Section 178: The no tax avoidance requirement


The relevant shares must be issued for genuine commercial reasons, and not as part of a scheme or arrangement the main purpose or one of the main purposes of which is the avoidance of tax.

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Source: https://www.legislation.gov.uk/ukpga/2007/3/section/178 (the official version)
Page: https://openlegislation.uk/income-tax-act-2007/section-178
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.