[178A The no disqualifying arrangements requirement]
Income Tax Act 2007 (2007 c 3) | Legislation

[178A  The no disqualifying arrangements requirement]

[(1)     The relevant shares must not be issued, nor any money raised by the issue employed, in consequence or anticipation of, or otherwise in connection with, disqualifying arrangements.

(2)     Arrangements are “disqualifying arrangements” if—

(a)     the main purpose, or one of the main purposes, of the arrangements is to secure—

(i)     that a qualifying business activity is or will be carried on by the issuing company or a qualifying 90% subsidiary of that company, and

(ii)     that one or more persons (whether or not including any party to the arrangements) may obtain relevant tax relief in respect of shares issued by the issuing company which raise money for the purposes of that activity or that such shares may comprise part of the

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