Corporation Tax Act 2010 (c. 4)

Schedules

SCHEDULE 2 U.K. Transitionals and savings etc

Part 5 U.K. Losses on disposal of shares

Relief after an exchange of shares for shares in another company U.K.

37 (1) In relation to new shares issued before 1 April 2010, section 87 applies with the omission of subsection (3)(a). U.K.

(2) In relation to new shares issued before 6 April 2007, section 87 applies with 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.”

(3) Section 87 does not apply in relation to shares issued before 6 April 1998.