OpenLegislation

Paragraph 1 F1

United Kingdom

(1)

A gain accruing to a company (“the investing company”) on a disposal of shares or an interest in shares in another company (“the company invested in”) is not a chargeable gain if the requirements of this Schedule are met.

(2)

The requirements are set out in—

  • Part 2 (the substantial shareholding requirement), and

  • Part 3 (requirements to be met in relation to F2... the company invested in).

(3)

The exemption conferred by this paragraph does not apply in the circumstances specified in paragraph 5 or the cases specified in paragraph 6.

Annotations

Textual amendments

F1

Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1

F2

Words in Sch. 7AC para. 1(2) omitted (with effect in accordance with s. 27(6) of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), s. 27(2)(a)