36 Share exchanges involving non-UK incorporated close companies
Finance (No 2) Act 2023 (2023 c 30) | Legislation

International matters

36  Share exchanges involving non-UK incorporated close companies

(1)     TCGA 1992 is amended in accordance with subsections (2) and (3).

(2)     After section 138 (exchange of securities and schemes of reconstruction: procedure for clearance in advance) insert—

“138ZA Share exchanges involving non-UK incorporated close companies

(1)     Section 138ZB applies where—

(a)     section 135 or 136 applies to an issue by a company (“company B”) of shares in or debentures of that company (“the exchanged shares or debentures”) in exchange for or in respect of shares in or debentures of another company (“company A”),

(b)     immediately before the issue is made, company A is a close company which is incorporated in the United Kingdom (whether or not it is resident in the United Kingdom),

(c)     immediately after the issue is made, company B is a close company which is not incorporated in the United Kingdom (whether or not it is resident in the United Kingdom), and

(d)     the person to whom the exchanged shares or debentures are issued (“P”) is an individual who meets the conditions in subsection (2).

(2)     Those conditions are that—

(a)     immediately before the issue is made, P—

(i)     has a material interest in

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Unless orders

Unless ordersThis Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.This Practice Note provides guidance on

LEXISNEXIS

Traditional procurement of construction contracts

Traditional procurement of construction contractsThis Practice Note provides a basic explanation of traditional procurement in construction. It looks at why this type of procurement is used and also considers particular issues to take into account when choosing to follow this procurement route.When

LEXISNEXIS

Notice to complete

While this Practice Note primarily covers commercial property matters, it also touches on residential considerations.Time is generally not of the essence for completion of a contract for the sale of land. If the seller or the buyer delays completion, the defaulting party will be liable in damages

LEXISNEXIS

Arbitration agreements—definition, purpose and interpretation

Arbitration agreements—definition, purpose and interpretationThis Practice Note considers the nature and scope of arbitration agreements with a particular focus on arbitration agreements pursuant to the law of England and Wales, although it also discusses the concept from an international