Relief after an exchange of shares for shares in another companyU.K.
48(1)In relation to new shares issued before 6 April 2007, section 145 applies with—U.K.
(a)the substitution for subsection (1)(e) of—
“(e)before the issue of the new shares, the Commissioners for Her Majesty's Revenue and Customs have, on the application of the new company or the old company, notified that company that the exchange of shares—
(i)will be effected for genuine commercial reasons, and
(ii)will not form part of any such scheme or arrangement as is mentioned in section 137(1) of TCGA 1992.”, and
(b)the omission of subsection (3)(a).
(2)Section 145 does not apply in relation to shares issued before 6 April 1998.
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 2 para. 48(3)(4) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)