SCHEDULE 11 S Reconstruction relief and acquisition relief

PART 3 S Acquisition relief

Qualifying conditions S

8 S Where the consideration for the acquisition consists partly of the issue of non-redeemable shares as mentioned in qualifying condition (b), that condition is met only if the rest of the consideration consists wholly of—

(a) cash not exceeding 10% of the nominal value of the non-redeemable shares so issued,

(b) the assumption or discharge by the acquiring company of liabilities of the target company, or

(c) both of those things.

Commencement Information

I1 Sch. 11 para. 8 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2