http://www.legislation.gov.uk/ukpga/1986/41/section/97ACFinance Act 1986An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.1986-07-25texttext/xmlenStatute Law Database2025-05-29Expert Participation2025-04-06 Finance Act 1986s. 89CFinance Act 2026s. 85 Part IV97AC1There is to be no charge to tax under section 93 or 96 in respect of an exempt listing transfer.2For the purposes of subsection (1), a transfer of chargeable securities issued by a company is an “exempt listing transfer” if—ait is a transfer in the course of qualifying listing arrangements, andbthose arrangements do not affect the beneficial ownership of the chargeable securities.3In this section, “listing arrangements” means arrangements pursuant to which chargeable securities, or depositary receipts for chargeable securities, are listed on a recognised stock exchange.4For the purposes of this section, listing arrangements are “qualifying” if, immediately before the first transfer of chargeable securities in the course of the listing arrangements, no chargeable securities in the company or depositary receipts for chargeable securities in the company are listed on the recognised stock exchange to which the listing arrangements relate.5A transfer of chargeable securities is not prevented from being an exempt listing transfer by reason only of a delay in transferring the chargeable securities where—aa person (“the transferor”) acquires the chargeable securities before qualifying listing arrangements are entered into,bthe transferor is subject to a restriction that has the effect of preventing the transfer of the chargeable securities in the course of the qualifying listing arrangements, andcthe transfer is made as soon as reasonably practicable after the time at which the restriction ceases to have effect.6Section 1005 of the Income Tax Act 2007 (meaning of “recognised stock exchange”, “listed” etc) applies in relation to this section as it applies in relation to the Income Tax Acts.Pt. 4: construed as one with 1999 c. 16, Pt. VI (27.7.1999) by Finance Act 1999 (c. 16), s. 123(1)Pt. 4: power to restrict conferred (27.7.1999) by Finance Act 1999 (c. 16), s. 119 (with s. 123(4))Pt. 4: power to extend conferred (1.5.1995) by Finance Act 1995 (c. 4), s. 152(2)(b)(6)Pt. 4: 2019 c. 1, s. 48 construed as one with this Part (with effect in accordance with s. 48(12) of the amending Act) by Finance Act 2019 (c. 1), s. 48(11)Pt. 4: 2019 c. 1, s. 48A construed as one with this Part by 2019 c. 1, s. 48A(9) (as inserted (22.7.2020) by Finance Act 2020 (c. 14), s. 78)S. 96 cross-heading inserted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by Finance Act 2024 (c. 3), Sch. 11 para. 11(1) (with Sch. 11 para. 27)Ss. 97AB-97AD and cross-heading inserted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by Finance Act 2024 (c. 3), Sch. 11 para. 15