http://www.legislation.gov.uk/ukpga/2007/3/section/257DFIncome Tax Act 2007An Act to restate, with minor changes, certain enactments relating to income tax; and for connected purposes.texttext/xmlenStatute Law Database2026-04-23Expert Participation2026-04-06 Income Tax Act 2007s. 6B(1A)Finance Act 2026Sch. 2 para. 2s. 8(2)-(4)Income Tax Act 2007s. 788(7)Legal Services Act 2007Sch. 21 para. 161(b)s. 29 192 193s. 211(2)art. 2(h) PART 5ACHAPTER 4257DF1At the beginning of period B—athe issuing company must be an unquoted company,bthere must be no arrangements in existence for the issuing company to cease to be an unquoted company, andcthere must be no arrangements in existence for the issuing company to become a subsidiary of another company (“the new company”) by virtue of an exchange of shares, or shares and securities, if—isection 257HB applies in relation to the exchange, andiiarrangements have been made with a view to the new company ceasing to be an unquoted company.2In this section “unquoted company” means a company none of whose shares, stocks, debentures or other securities are marketed to the general public.3For the purposes of subsection (2), shares, stock, debentures or other securities are marketed to the general public if they are—alisted on a recognised stock exchange,blisted on a designated exchange in a country outside the United Kingdom, orcdealt in outside the United Kingdom by such means as may be designated.4In subsection (3)(b) and (c) “designated” means designated by an order made by the Commissioners for Her Majesty's Revenue and Customs for the purposes of that provision.5An order made for the purposes of subsection (3)(b) may designate an exchange by name, or by reference to any class or description of exchanges, including a class or description framed by reference to any authority or approval given in a country outside the United Kingdom.6The arrangements referred to in subsection (1)(b) and (c)(ii) do not include arrangements in consequence of which any shares, stocks, debentures or other securities of the company are at any subsequent time—alisted on a stock exchange that is a recognised stock exchange by virtue of an order made under section 1005(1)(b), orblisted on an exchange, or dealt in by any means, designated by an order made for the purposes of subsection (3)(b) or (c),if the order was made after the beginning of period B.Pt. 5A applied by Taxation of Chargeable Gains Act 1992 (c. 12), Sch. 5BB para. 8(4) (as inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 6 para. 5)Pt. 5A inserted (17.7.2012) (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 1